NM is not permitted in wet locations, and anything outside the structure is considered a wet location regardless of the raceway used. 300.9 of the 2008 NEC clearly states this:
300.9 Raceways in Wet Locations Above Grade.
Where raceways are installed in wet locations abovegrade, the interior of these raceways shall be considered to be a wet location. Insulated conductors and cables installed in raceways in wet locations abovegrade shall comply with 310.8(C).
300.9 Raceways in Wet Locations Above Grade.
Where raceways are installed in wet locations abovegrade, the interior of these raceways shall be considered to be a wet location. Insulated conductors and cables installed in raceways in wet locations abovegrade shall comply with 310.8(C).