NZ commodity prices rise to a record in January

The August trade deficit widened to $1.19b from $771 million in July. That was the biggest ever deficit for the month of August. Exports were up 0.6pc from a year earlier, imports were up 9.7pc.

New Zealand commodity prices rose to a record in January, led by gains in butter.

The ANZ Commodity Price Index advanced 1.2 per cent to 334.3 from December. The index is 23 per cent above January 2013.

International prices for 10 of New Zealand's main commodities increased in the month, three fell and four were unchanged.

Butter prices led the gains, up 4 per cent from December and 33 per cent above January last year. Prices of wood pulp and skim milk powder rose 3 per cent, while wool, cheese and whole milk powder prices increased 2 per cent and casein and logs advanced 1 per cent.

ANZ said the forestry sub-group reached a record in January and the dairy sub-group rose to a nine-month high.

Weaker prices were recorded for beef, pelts and aluminium, which were down about 0.5 per cent.

Meanwhile prices for venison, seafood, apples and kiwifruit were unchanged.

In New Zealand dollar terms, the index lifted 0.6 per cent from December, taking the annual gain to 24 per cent.