(Updates to add detail from Statistics New Zealand, comment from economists)
WELLINGTON, May 25 (Reuters) - New Zealand posted a stronger-than-expected monthly trade NZ$292 million ($196.90 million) surplus in April, bolstered by a rise in exports, Statistics New Zealand said on Wednesday.
The annual trade deficit was NZ$3.658 billion. Economists polled by Reuters had forecast a monthly surplus of NZ$60 million and an annual deficit of NZ$3.94 billion.
Exports totalled NZ$4.3 billion for the month while imports were NZ$4.01 billion.
The New Zealand dollar got a lift from the data and was trading at US$0.6749.
"It was better than expected and the kiwi is holding up reasonably well," said Tim Kelleher, ASB Head of FX Institutional Sales New Zealand.
Fruit exports led the rise, up 16 percent, and "rises in exports of our smaller commodities, such as fruit, are offsetting the falls in the dairy sector," said Statistics New Zealand senior manager Nicola Growden.
Until recently dairy was the backbone of the economy, accounting for around 25 percent of exports. However, the terms of trade have been hard-hit by a plunge in global dairy prices of more than 50 percent since early 2014.
In the 12 months to April, milk powder, butter and cheese exports were down 11.7 percent on the year.
ANZ Senior Economist Philip Borkin said that while the sharp recovery in export values was "reassuring" he still expects New Zealand's trade accounts to deteriorate over the next 12 months.
"NZD commodity export prices are still falling and with oil prices recovering, this is consistent with our expectation of a further circa 10 percent fall in the terms of trade over the year," said Borkin.
($1 = 1.4830 New Zealand dollars)
