January exports have fallen significantly in the last year, down $371m.

The major drivers are milk powder, butter and cheese products.

They've fallen 30% overall.

January exports brought in $3.7b.

Lower milk powder prices are a massive factor in the downturn.

Not even record quantities of meat exports for the month could balance the drop in dairy.

Frozen beef exports doubled, accounting for much of the increase in meat exports overall.

Imports were also down for the start of the year.