New Zealand's terms of trade lifted in the second quarter as meat and dairy prices saw strong rises, with lamb prices hitting record levels.
The terms of trade, which measures the purchasing power of New Zealand's exports relative to imports, rose 1.6 percent in the three months to June 30 after lifting 1.0 in the three months to March, Stats NZ said.
Economists had been expecting a rise of 1.0 per cent, according to Bloomberg.
Lamb export prices reached their highest level since the series began in 1982 and "both lamb and beef prices rose this quarter, up 4.7 per cent and 5.3 per cent, respectively, on the back of strong overseas demand," overseas trade statistics manager Darren Allan said.
Seasonally adjusted meat volumes fell 3.1 per cent, with lamb volumes down 8.7 per cent versus the prior quarter.