New Zealand posted a merchandise trade deficit of NZ$1.265 billion in August, Statistics New Zealand said on Monday - representing 37 percent of exports.
The headline figure missed forecasts for a shortfall of NZ$735 million following the NZ$433 million deficit in July.
Exports were worth NZ$3.39 billion, shy of forecasts for NZ$3.60 billion and down NZ$323 million from NZ$3.96 billion in the previous month.
Milk powder, butter, and cheese led the fall, down NZ$135 million (22 percent). All top destinations of milk powder fell in value and quantity, with both China and the United Arab Emirates seeing a drop in value of over half.
Meat and edible offal fell NZ$111 million (26 percent), with falls in beef and lamb. The United States had the largest fall in beef, and the United Kingdom had the largest fall in lamb. The fall in meat exports is partly due to a record high meat season this time last year.
Logs, wood, and wood articles rose NZ$102 million (34 percent), led by untreated logs. Led by untreated logs, the commodity group hit a new high for export value and was up 3.7 percent from the previous high in August 2013.
"The large fall in export value this month comes off the back of high export volumes in the June quarter," international statistics senior manager Stuart Jones said. "Logs are the only major commodity to continue high volumes and values through to August."
Imports came in at NZ$4.65 billion versus expectations for NZ$4.30 billion and up from NZ$4.40 billion a month earlier.
Capital goods led the fall in imports, down NZ$195 million (45 percent). Crude oil fell NZ$106 million (38 percent) in value and 16 percent in quantity. Excluding petroleum products and aircraft and parts, goods imports rose NZ$182 million (4.4 percent).
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