The trade surplus in New Zealand in April totaled 123 million against the forecast of about 105 million. Exports in April fell by 5.5% compared with the same period of the last year, while imports rose by 2.6%. The trade deficit for the year totaled 2.6 billion New Zealand dollars. Exports of dairy products fell by 27%. It should be noted that sales in China decreased by 66%. Given the low prices for dairy products, which have a negative impact on the economy, the Reserve Bank of New Zealand may lower interest rates. We maintain a negative outlook on the New Zealand currency, and recommend holding short positions.