The data on the trade balance of New Zealand unexpectedly came out better than expected. So trade deficit reached 213 million against 550 million expected. Exports of goods decreased by 421 million, or 9.5%, the lowest since November 2013. Imports of goods decreased by 54 million orby 1.3%. The volume of exports of dairy products fell by 27% in money equivalent and only 3.1 quantitatively. Exports to China decreased by 42% compared with the peaks recorded in December 2013. Taking into account the improvement in the trade balance and the more rapid growth of the economy, we note that the potential of falling the New Zealand dollar has declined, but keep medium-term negative outlook.