Prices on world markets for New Zealand's major exports hit a new high in November.
The ANZ bank's monthly index of world prices for New Zealand's primary exports rose 4.5% last month.
The index has now risen every month for a year and has reached fresh highs for nine consecutive months.
Pelts and skins prices jumped 32% on demand from Chinese and Italian leather-makers and less supply due to storms in the spring.
Wool, beef, wood pulp, dairy, seafood prices and also rose in November.
But the exchange rate, which threatened to top its post-float high against the US dollar during November, significantly eroded exporters' returns.
When converted to New Zealand dollars, prices rose only 1.4% to be marginally below May's all-time peak.