The value of New Zealand exports has fallen, down 3% in the September quarter to $12b.

But imports rose 3.7% to $13b.

Export values are being driven down by the dairy industry - with milk powder, butter and cheese values all down.

The falling value of logs, wood and wood articles are also contributing to the decline.

The latest drop follows a 7.5% decrease in export values in the June quarter.

There was a 5.3% drop in export values last month compared to the previous September.

That's a $203m fall.