The value of exported goods was NZD 3.7 billion in July 2014, down NZD 125 million (3.3 percent) compared with July 2013. Exports to China fell NZD 35 million to NZD 615 million, and to Australia fell NZD 53 million to NZD 687 million.
Over the last 10 months, milk powder, butter, and cheese values rose between 34 and 84 percent when compared with same month in the previous year. This drove the large increase in total goods exports over that time. In July 2014, the small rise in milk powder, butter, and cheese exports (up 0.9 percent) was offset by larger falls in other commodities.
The value of imports fell NZD 221 million (4.8 percent) to NZD 4.4 billion.