The 2016 export figure of $48.4billion was down $1.6billion from the high of 2014.
The country's top export commodities, meat and dairy, both fell by value in 2016.
The biggest fall by value was for meat and edible offal, our second-largest export group. Sales were down $909million to $5.9billion, Statistics New Zealand international statistics senior manager Nicola Growden said.
``The United States accounted for three-quarters of the fall in beef, while the European Union accounted for nearly half of the fall in lamb,'' she said in a statement yesterday.
The fall in meat value was driven by beef, down $481million and lamb down $415million, while meat volumes overall fell 7.4% from 2015. Beef fell 14% and lamb 4.6%.
Ms Growden said despite an almost 3% fall in the value of dairy exports to $11.2billion, the quantity of milk powder, butter, and cheese exported rose to a new high of 3million tonnes.
The quantities of milk powder, butter, and cheese have been rising since 2013 and were now 14% higher than then. China accounted for 25% of 2016's exports, slightly up from 23% in 2015.
However, New Zealand's trade deficit was little changed in December from the year-earlier month, as imports and exports both slid by about the same amount.
The country had a $41million trade deficit in December 2016, compared with a $42million deficit in December 2015, SNZ said.
The deficit was less than the $98million anticipated by economists, according to a consensus forecast, BusinessDesk reported.
The value of New Zealand's exports in December shrank by $41million, or 0.9%, to $4.38billion, while imports reduced by $42million, or 0.9%, to $4.42billion.
The decline in exports was led by the $93million fall in the value of meat and edible offal exports.
Meanwhile, the 2.5% imports slide was led by processed industrial supplies, such as palm oil cake, plastics and fertilisers, which declined by $75million, or 8.6%, but were offset by a $58million lift in the value of processed fuels, such as automotive diesel and jet fuel.
