New Zealand has posted its first monthly trade deficit of 2016, with a fall in meat and dairy exports putting a dent in earnings.
Official figures show a deficit of $433 million in July, compared with a surplus of $110m the month before.
Exports were down about 5 percent on a year ago, reflecting weaker agricultural export prices.
But import costs were down 10 percent, under the influence of cheaper oil, helping to shrink the annual deficit to $3 billion.