New Zealand trade balance figures for April posted a surplus of NZ$157 million which was much lower than both market expectations of NZ$515 million and previous month's number of NZ$718 million. Exports came in at NZ$3.95 billion -vs- estimates of NZ$4.06 billion while Imports posted NZ$3.8 billion -vs- estimates of NZ$3.52 billion. The 12-month trade deficit stands at NZ$694 million -vs- estimates of NZ$346 million. The NZD/USD dropped a bit from 0.8120 to 0.8108 on this. This data also validates RBNZ Governor Wheeler's assertion that the overvalued currency is restricting export earnings and encouraging import demand.