That follows a rise of 4.4% in the September 2012 quarter.
"Milk powder, butter and cheese exports fell 12% (in value) with quantities down 15%,” industry and labour statistics manager Louise Holmes-Oliver said.
Total export values decreased $217 million, or 5.1%, in December 2012 compared with December 2011 and imports decreased $403m, or 10%.
The seasonally adjusted value of imported goods decreased 1.5% for the second consecutive quarter while the seasonally adjusted trade balance was a deficit of $87m, equivalent to 0.8% of exports.
This follows a $128m deficit for the September 2012 quarter.
The trade balance for the December 2012 month was a surplus of $486m, or 12% of exports.
This is the largest trade surplus recorded for a December month as a percentage of exports since December 1991.