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Statistics New Zealand released its trade data on late Tuesday evening. New Zealand's trade surplus narrowed to NZ$117 million in March from NZ$367 million in February. February's figure was revised up from a surplus of NZ$339 million.
Analysts had expected the surplus to rise to NZ$405 million.
Exports dropped 14.0% year-on-year in March, mainly driven by milk powder, while imports decreased by 3.7%.
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