Dairy price fall drives New Zealand into trade deficit

New Zealand's goods exports in February were down 13 percent year on year to 3.9 billion NZ dollars (2.97 billion U.S. dollars), as the market for dairy products dipped, the government statistics agency announced Wednesday.

Milk powder, butter and cheese exports led the fall, down 41 percent, or 647 million NZ dollars (4.94 million U.S. dollars), from February 2014, due to lower prices and a 10-percent fall in quantities exported, according to Statistics New Zealand.