Bank of New Zealand chief economist Tony Alexander says strong labour market figures published on Wednesday make it even more likely the Reserve Bank will raise interest rates.
Mr Alexander says that makes it likely exporters will come under pressure because interest rate increases will probably push up the value of the New Zealand dollar.
The jobs figures showed unemployment has fallen slightly to 6 percent from 6.2 percent.
The number of people in jobs increased slightly to just under 65 percent of the working age population, the highest employment rate since the height of the global economic crisis in the March 2009 quarter.
More people are looking for work too - 68.9% of the working age population, compared with 68.2% a year ago.
Average hourly earnings are up 2.9 percent on a year ago although annual wage inflation is steady at 1.6 percent.
Mr Alexander says the figures make it even more likely that the Reserve Bank will increase interest rates which will push up the value of the New Zealand dollar.
He says many exporters will come under some pressure, particularly for if they don't have exposure to the high commodity prices for dairy farmers or the tourism sector where there is an increasing number of Chinese tourists.
Mr Alexander says this partly reflects that one of the key driving forces for New Zealand's economic upturn is the domestic economy such as the rebuilding of Christchurch, the catch-up building in Auckland, infrastructure projects and earthquake strengthening.
He says these factors are domestically focused and exporters will have to learn to live with the relatively high New Zealand dollar.
Mr Alexander says many exporters have managed to adjust to a higher exchange rate over the past few years, but not all of them.
