New Zealand posted a merchandise trade deficit of NZ$18 million in February, Statistics New Zealand said on Friday.
That missed forecasts for a surplus of NZ$180 million following the upwardly revised NZ$257 million deficit in January (originally -NZ$285 million).
Exports were down 5.5 percent on year or NZ$232 million to NZ$4.01 billion, missing forecasts for NZ$4.20 billion but up from NZ$3.91 billion.
Dairy exports were up NZ$55 million (5.6 percent) in value, led by rises in the value of butter and other milk fats (up NZ$45 million), and milk powder (up NZ$20 million).
"Exports of dairy, meat, and fruit were up, but other primary produce exports, including fish, wool, and casein, were down compared with the same month of the previous year," international trade statistics senior manager Daria Kwon said.
Goods exports to China rose NZ$47 million (6.3 percent), while goods exports to the EU fell NZ$44 million (9.6 percent).
Imports were worth up 4.0 percent on year or NZ$154 million to NZ$4.02 billion, exceeding expectations for NZ$3.99 billion and down from NZ$4.16 billion in the previous month.
Crude oil surged NZ$101 million (59 percent), while intermediate goods advanced NZ$112 million (7.0 percent).
Capital goods climbed NZ$41 million (5.7 percent), while consumption goods fell NZ$100 million (8.7 percent).
Goods imports from China shed NZ$88 million (10 percent), while goods imports from Australia fell NZ$54 million (9.2 percent).
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