New Zealand reported a smaller than expected monthly trade surplus in April.
Official figures show a trade surplus of $355 million during the month.
That's higher than the $186 million surplus reported in March, but below the $500 million picked by economists.
Exports for the month were down 17% on the previous year, driven by falls in dairy exports, while imports were flat.
The annual balance fell back into deficit, to $541 million.
Export receipts have been in decline since a record high in November last year, and are now at the same level they were in November 2010.
Imports rose in April by 0.1% to 3.5%.
