Analysts say trade surpluses should start to shrink as dairy prices decline.
Official figures show a surplus of $534 million in April because of higher prices for dairy products.
On an annual basis, the country posted a surplus of $1.2 billion, a turnaround from the previous year's $687 million deficit.
While Exports rose 14 percent to $4.5 billion last month compared with the same period a year earlier, due to higher prices for milk powder, butter and cheese. Statistics New Zealand says April is the first month since August last year when exports did not hit another record high.
Imports rose 5 percent to $4 billion.
With dairy auction prices falling 23 percent since hitting a record high in early February, senior economist at ANZ Bank Mark Smith said that will be reflected in coming trade receipts.
He said increased exports and lower commodity prices will reduce the trade surplus.
China cemented remains as New Zealand's top trading partner, with exports to Australia, the United States and Japan all slipping back.