Actual wholesale trade sales of $24.9 billion in the June quarter were up 6% on the year.
The slowdown comes as rampant house price appreciation abates.
Dairy export prices rose 3.9% in the second quarter, led by butter reaching an all-time high and cheese.
The annual deficit in the year to July was $3.21 billion versus $3.65 billion in the year to June.
Grocery food prices were flat in the month of July on a seasonally-adjusted basis.
Exports rose 11% on the year to $4.7 billion.
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