Dairy and meat exports slumped in the June quarter, with volumes down heavily and overall values also falling, hit by the summer drought.
Statistics New Zealand figures just out show quantities of milk powder, butter and cheese fell 18% in the June quarter, though total values were down only 6.8%, reflecting higher prices for the limited supplies.
Meat volumes were down 12%, though meat values were down 9.2%.
Overall, seasonally adjusted values of all exports dropped 4.7% to $11 billion in the June quarter. Exports rose 0.4% in the March quarter.
Imports in the quarter rose 1% to $11.6 billion.
That left a seasonally adjusted trade shortfall of $669 million, equal to 6.1% of exports.
For the month of June alone, export values fell almost 4% or by $161 million compared with June last year. But June imports dropped sharply by more than 7% or $286 million.
Falling imports led the country to move into a monthly trade surplus of $414 million.
The trade balance for the year was a deficit of $777 million.
Source: TVNZ