Exports have been rising steadily compared with the same time a year earlier, trade figures show.
Statistics New Zealand says exports in November last year were up 9.4% to $3.7 billion compared with the same month in 2007.
Imports were also up, by 5.2%, and totalled $4.2 billion. It is, however, the smallest November deficit recorded since 2001.
Export growth was driven by rises in dairy products, logs and wood products. Imports of cars, parts and accessories declined.
For the first time, exports to Australia, the country's largest trading partner, exceeded $10 billion over a 12-month period.