This has resulted in what is called a "positive terms-of-trade shock" – the prices we get for our exports have increased relative to the prices we pay for our imports. As a result, we are richer as a country. In tandem with this improvement in our terms of trade, we've seen a major rise in the external value of our dollar.
2  The Bank’s view on recent economic and financial developments, determined by the Policy Board at the Monetary Policy Meeting held on 13 October as the basis of monetary policy decisions. 1  BIS Review 112/1999  as the rise in crude oil prices to date will continue to be passed on to prices of other products for a while.