The volume of exported dairy products rose 2.2 per cent following a 13 per cent decline in the fourth quarter of 2012.
"With the June quarter set to capture the dairy price surge plus ongoing weak world inflation, we expect the terms of trade to push back towards record highs by the end of 2013," said Nathan Penny, economist at Westpac Banking Corp.
Meat recorded the biggest volume increase at 5.3 per cent though prices fell 3.1 per cent, reflecting weaker prices for lamb. Forestry export prices rose 2.4 per cent, the first increase in five quarters.
The government statistician said there was a broad-based decline in import prices, influenced by a higher New Zealand dollar. The trade-weighted index reached a post-float high in April. It was recently at 76.06 from 76.05 immediately before the figures were released.
Mechanical machinery import prices fell 4 per cent, reflecting lower prices for computers. Petrol and petroleum product prices declined 2.5 per cent, led by crude oil, motor spirit and diesel. The volume of petrol and aviation fuel imported rose 38 per cent in the latest quarter.
The terms of trade for services, such as tourism, rose 3.3 per cent.