Terms of trade compares prices of a country's exports with those for imports.
For New Zealand in the final water of 2020, ToT +1.3% q/q
- export prices -0.4% q/q
- import prices -1.7% q/q
- export volumes +3.3% q/q
- import volumes +6.5% q/q
A rising ToT is supportive for a currency (all else being equal of course).
