Beef and lamb exports to key markets have fallen.
Statistics New Zealand figures show total exports were worth $4b in July.
That's down 19% on the same month last year.
The largest decrease was in lamb exports, which are down 29%.
The drop has been attributed to record meat exports at this time last year, when they were 31% higher than the average over the previous five years.
The United States and the EU are the largest export destinations for beef and lamb.