China is back as New Zealand's top export destination, displacing Australia after a six-month run.
The merchandise trade deficit - the difference between exports and imports - for October was close to market expectations at $963 million.
Total goods exports fell to $3.8billion, down 4.5% from October 2014.
Milk powder, butter and cheese led the fall, down $202 million from October 2014. Goods imports slid $109 million, or 2.2%, led by falls in petrol and avgas, and capital goods.
For the year ended October, the annual trade deficit was $3.23 billion.
Increases in beef, milk powder and kiwifruit saw goods exports to China lift $57 million, or 9.2%, to move it ahead of Australia as New Zealand's top annual export destination.
It was also New Zealand's top source of imports.
Exports to Australia fell $66million, down 8%, driven by crude oil, which fell $60million, Statistics New Zealand said.
Westpac senior economist Michael Gordon said the trade balance was typically at its lowest around this time of year.
ASB rural economist Nathan Penny said there were no implications for the bank's interest rate view.
It expected the Reserve Bank to cut the Official Cash Rate next month and follow that up with two further cuts in June and August next year.
Although milk powder exported to China fell 65% for the year ended October, it was still the largest commodity export.
Other exports to China, such as beef and fruit, had doubled in value in the past year, Mr Penny said.
