New Zealand’s terms of trade declined 4.7 percent on quarter in the third quarter of 2020, Statistics New Zealand said on Wednesday.

That missed expectations for a decline of 2.8 percent following the 2.5 percent increase in the previous three months.

Export prices tumbled 8.3 percent on quarter, again missing forecasts for a decline of 3.5 percent following the 2.4 percent increase in the three months prior.

Import prices fell 3.7 percent on quarter versus expectations for a drop of 1.0 percent after easing 0.1 percent in Q2.

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