Record high values for New Zealand dairy products and increased exports, particularly to Australia and China, maintained New Zealand's trade surplus for a third straight quarter in the quarter to December last year.

Figures from the government statistics agency Friday showed exports of milk powder, butter and cheese led a 4.3 percent increase in the value of exports in the fourth quarter.

"The seasonally adjusted trade balance for the December 2011 quarter was a surplus of 698 million NZ dollars (573.12 million U.S. dollars), equivalent to 5.7 percent of exports," Statistics New Zealand industry and labor statistics manager Neil Kelly said.

"Of the last eight quarters, only the March 2011 quarter recorded a seasonally adjusted trade deficit," said Kelly in a statement.

For the month of December, export values rose by 491 million NZ dollars, or 13 percent, compared with December 2010, led by milk powder, butter and cheese.

December 2011 was a record month for milk powder, butter and cheese exports, with quantities and values both reaching new highs, said the statement.

December saw a trade surplus of 338 million NZ dollars or 7.8 percent of exports, which compared with an average deficit of 5.2 percent of exports for the previous five December months.

Exports to Australia were up 230 million NZ dollars or 30 percent, year on year in December, led by crude oil, which rose by 133 million NZ dollars, followed by prefabricated buildings, vehicles, and milk powder, butter and cheese.

China took the second largest increase in exports, up by 67 million NZ dollars, or 12 percent, led by milk powder, butter and cheese, which were up 89 million NZ dollars, and preparations of cereals, flour, and starch, but falling values of logs, wood, and wood articles and wool partly offset the increase.

The value of imports from some countries dropped significantly last month with the biggest fall in imports from the United States, which was down 249 million NZ dollars, or 39 percent, mainly due to a drop of 230 million NZ dollars in the value of aircraft imports.

However imports from France were up 205 million NZ dollars, led by large helicopters (up 123 million NZ dollars) and large aircraft (up 64 million NZ dollars).

Increases in imports of crude oil saw higher purchases from Saudi Arabia and the United Arab Emirates, while rising demand for mobile phones led an increase of 59 million NZ dollars or 10 percent in imports from China.