The value of goods exported by New Zealand fell $890 million or 14% to $5.5 billion in July 2023, compared with July 2022. Stats NZ says the fall in earnings was led by the dairy sector with Milk powder, butter, and cheese down by $350 million or 19% to $1.5 billion. There were also sizeable falls in earnings for meat exports and logs – off 21% and 18% respectively leaving the monthly trade balance at a deficit of $1.1 billion. New Zealand’s total imports also fell sharply in July, mostly due to lower petroleum prices.