Figures for December of 2014 were revised to a NZD 195 million shortfall (previous was NZD -159 million).
Year-on-year, exports fell 9.1 percent to NZD 3.7 billion, driven by lower prices of milk powder and cheese. The quantity of dairy products exported rose 2.9 percent, led by cheese and butter, however the quantity of milk powder exported fell 3.1 percent. A 20 percent rise in meat exports partly offset the fall in monthly exports, led by frozen beef, up 53 percent.
Meanwhile, the value of imports dropped 3.8 percent to NZD 3.6 billion. The fall was led by intermediate goods (such as crude oil and automotive diesel), down 9.8 percent.
Seasonally adjusted exports rose 2.7 percent in January 2015, led by increases in fruit and wine exports, compared with December 2014. Seasonally adjusted imports fell 8.5 percent.
The annual trade deficit to Jan 31 widened to NZD 1.41 billion, the biggest for a January month since 2009.