The New Zealand dollar fell over 8% in the last quarter, its largest quarterly drop in almost seven years.

It means the merchandise terms of trade is down, with import prices rising more than exports.

Prices for imports rose just over 7%, their largest increase in seven years.

Petroleum products led the way, up 13%, but they're still significantly lower than a year ago.

The volume of imports and exports both reached new highs in the September quarter.

Record import volumes have been set every quarter since June 2013.