New Zealand's exports were at a record high level in March, leading to a $464 million trade surplus.
Exports rose 11% to $4.5 billion in March compared to the same month a year ago, driven by higher quantities of milk powder, butter and cheese.
Imports rose 17% to $4.1 billion, largely because of imports of aircrafts and parts.
The result is a $464 million trade surplus for the month - which is the equivalent of 10% of exports.
On an annual basis a trade surplus of $631 million was recorded for the year to the end of March compared to $775 million in February.