New Zealand had a merchandise trade surplus of NZ$127 million in June, Statistics New Zealand said on Tuesday.
That missed expectations for a surplus of NZ$150 million and was down from NZ$358 million in May.
Exports came in at NZ$4.26 billion, beating forecasts for NZ$4.22 billion and down from NZ$4.57 billion in the previous month.
Imports were at NZ$4.13 billion - matching forecasts and down from NZ$4.22 billion a month earlier.
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