| Business News | Thursday March 1 2012 13:52
Exports of milk powder are largely being credited for the highest levels of exports in two decades.
New Statistics New Zealand figures show seasonally adjusted export volumes jumped 2.9 percent in the three months to December.
Labour statistics manager Neil Kelly says adding to that, imports fell by 2 percent.
Export prices for fruit rose nearly 10 percent, while dairy was down 1.1 percent.
Imported goods prices also rose, with petrol and related products up nearly 4 percent.
However, New Zealand's terms of trade have fallen, despite the rise in export volumes late last year.
A downward change in global dairy prices is being blamed for this and ASB economists say the high New Zealand dollar is likely to continue eating away at dairy export returns throughout the year.
The terms of trade remains at strong levels, having come of its highest level in June since 1974.