Stats NZ

Quarterly current account deficit $7.2 billion

New Zealand’s seasonally adjusted current account deficit widened by $269 million to $7.2 billion in the June 2024 quarter, according to figures released by Stats NZ today.

Created with Highcharts 5.0.14$Seasonally adjusted current account balances ($), June 2004–June 2024 quartersCurrent account balanceGoods balanceServices balancePrimary and secondary income balanceJun-04Dec-04Jun-05Dec-05Jun-06Dec-06Jun-07Dec-07Jun-08Dec-08Jun-09Dec-09Jun-10Dec-10Jun-11Dec-11Jun-12Dec-12Jun-13Dec-13Jun-14Dec-14Jun-15Dec-15Jun-16Dec-16Jun-17Dec-17Jun-18Dec-18Jun-19Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24-10B-5B05BStats NZ

Seasonally adjusted current account balances ($), June 2004–June 2024 quarters

Created with Highcharts 5.0.14$Seasonally adjusted current account balances ($), June 2004–June 2024 quartersCurrent account balanceGoods balanceServices balancePrimary and secondary income balanceJun-04Dec-04Jun-05Dec-05Jun-06Dec-06Jun-07Dec-07Jun-08Dec-08Jun-09Dec-09Jun-10Dec-10Jun-11Dec-11Jun-12Dec-12Jun-13Dec-13Jun-14Dec-14Jun-15Dec-15Jun-16Dec-16Jun-17Dec-17Jun-18Dec-18Jun-19Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24-10B-5B05BStats NZ
QuarterCurrent account balanceGoods balanceServices balancePrimary and secondary income balance
Jun-04-1,202,000,000-334,000,0001,102,000,000-1,970,000,000
Sep-04-2,289,000,000-803,000,000806,000,000-2,292,000,000
Dec-04-2,144,000,000-814,000,000641,000,000-1,972,000,000
Mar-05-2,309,000,000-760,000,000605,000,000-2,153,000,000
Jun-05-2,871,000,000-997,000,000506,000,000-2,379,000,000
Sep-05-3,105,000,000-1,486,000,000836,000,000-2,454,000,000
Dec-05-3,092,000,000-1,070,000,000572,000,000-2,594,000,000
Mar-06-3,671,000,000-1,335,000,000614,000,000-2,950,000,000
Jun-06-2,718,000,000-892,000,000672,000,000-2,498,000,000
Sep-06-2,668,000,000-603,000,000573,000,000-2,639,000,000
Dec-06-3,010,000,000-953,000,000806,000,000-2,864,000,000
Mar-07-3,224,000,000-1,051,000,000778,000,000-2,952,000,000
Jun-07-3,282,000,000-1,045,000,000702,000,000-2,940,000,000
Sep-07-3,260,000,000-771,000,000736,000,000-3,226,000,000
Dec-07-2,688,000,000-100,000,000601,000,000-3,189,000,000
Mar-08-3,191,000,000-553,000,000632,000,000-3,270,000,000
Jun-08-4,262,000,000-1,397,000,000503,000,000-3,368,000,000
Sep-08-3,915,000,000-931,000,000312,000,000-3,296,000,000
Dec-08-3,190,000,000-120,000,000251,000,000-3,321,000,000
Mar-09-1,939,000,000522,000,000538,000,000-2,999,000,000
Jun-09-314,000,000538,000,000508,000,000-1,360,000,000
Sep-09339,000,000598,000,000771,000,000-1,030,000,000
Dec-09-2,437,000,000123,000,000662,000,000-3,222,000,000
Mar-10-489,000,000774,000,000470,000,000-1,732,000,000
Jun-10-889,000,0001,106,000,000573,000,000-2,568,000,000
Sep-10-984,000,000756,000,000476,000,000-2,217,000,000
Dec-10-2,157,000,000296,000,000364,000,000-2,818,000,000
Mar-11-1,641,000,000730,000,000309,000,000-2,681,000,000
Jun-11-1,249,000,000986,000,000176,000,000-2,411,000,000
Sep-11-1,725,000,000451,000,000384,000,000-2,560,000,000
Dec-11-1,303,000,000700,000,000629,000,000-2,632,000,000
Mar-12-2,488,000,000-275,000,000184,000,000-2,396,000,000
Jun-12-2,231,000,000133,000,000298,000,000-2,662,000,000
Sep-12-1,785,000,000203,000,000267,000,000-2,254,000,000
Dec-12-1,976,000,00026,000,000164,000,000-2,166,000,000
Mar-13-1,956,000,000130,000,000291,000,000-2,378,000,000
Jun-13-2,147,000,000-192,000,000316,000,000-2,272,000,000
Sep-13-2,087,000,000-177,000,000294,000,000-2,204,000,000
Dec-13-856,000,0001,570,000,000155,000,000-2,580,000,000
Mar-14-765,000,0001,489,000,000303,000,000-2,556,000,000
Jun-14-2,166,000,000220,000,000258,000,000-2,644,000,000
Sep-14-2,300,000,000-251,000,000327,000,000-2,377,000,000
Dec-14-2,271,000,000-371,000,000762,000,000-2,662,000,000
Mar-15-1,652,000,000-96,000,000873,000,000-2,429,000,000
Jun-15-2,114,000,000-712,000,0001,071,000,000-2,474,000,000
Sep-15-1,346,000,000-496,000,0001,307,000,000-2,156,000,000
Dec-15-1,709,000,000-771,000,0001,255,000,000-2,193,000,000
Mar-16-970,000,000-394,000,0001,407,000,000-1,984,000,000
Jun-16-1,326,000,000-523,000,0001,232,000,000-2,034,000,000
Sep-16-1,804,000,000-756,000,0001,286,000,000-2,334,000,000
Dec-16-1,415,000,000-872,000,0001,381,000,000-1,924,000,000
Mar-17-2,449,000,000-861,000,0001,194,000,000-2,783,000,000
Jun-17-1,573,000,000-530,000,0001,497,000,000-2,540,000,000
Sep-17-1,855,000,000-145,000,0001,333,000,000-3,043,000,000
Dec-17-2,281,000,000-530,000,0001,342,000,000-3,094,000,000
Mar-18-3,311,000,000-1,633,000,0001,416,000,000-3,094,000,000
Jun-18-3,359,000,000-1,413,000,0001,362,000,000-3,308,000,000
Sep-18-3,098,000,000-959,000,000893,000,000-3,032,000,000
Dec-18-2,949,000,000-1,152,000,0001,101,000,000-2,897,000,000
Mar-19-2,408,000,000-790,000,000969,000,000-2,587,000,000
Jun-19-2,620,000,000-938,000,000882,000,000-2,565,000,000
Sep-19-2,447,000,000-1,250,000,0001,074,000,000-2,271,000,000
Dec-19-1,629,000,000-857,000,0001,007,000,000-1,780,000,000
Mar-20-923,000,000-88,000,000984,000,000-1,818,000,000
Jun-20-164,000,0001,927,000,000-327,000,000-1,764,000,000
Sep-20-1,172,000,000624,000,000-77,000,000-1,719,000,000
Dec-20-2,102,000,000-2,000,000-748,000,000-1,352,000,000
Mar-21-5,266,000,000-1,363,000,000-1,747,000,000-2,156,000,000
Jun-21-3,226,000,000-410,000,000-480,000,000-2,336,000,000
Sep-21-5,443,000,000-1,926,000,000-1,124,000,000-2,393,000,000
Dec-21-6,773,000,000-2,061,000,000-1,980,000,000-2,732,000,000
Mar-22-8,735,000,000-2,785,000,000-3,027,000,000-2,923,000,000
Jun-22-8,962,000,000-3,185,000,000-2,373,000,000-3,404,000,000
Sep-22-7,610,000,000-2,480,000,000-1,922,000,000-3,208,000,000
Dec-22-9,380,000,000-3,753,000,000-2,152,000,000-3,475,000,000
Mar-23-7,797,000,000-3,899,000,000-1,365,000,000-2,533,000,000
Jun-23-7,024,000,000-2,361,000,000-845,000,000-3,819,000,000
Sep-23-7,097,000,000-3,167,000,000-3,000,000-3,927,000,000
Dec-23-6,716,000,000-2,873,000,000-204,000,000-3,639,000,000
Mar-24-6,900,000,000-2,506,000,000-529,000,000-3,864,000,000
Jun-24-7,169,000,000-2,616,000,000-501,000,000-4,052,000,000

Primary income deficit widens

In the June 2024 quarter, the primary income deficit widened by $291 million to $3.8 billion.

The overseas earnings of New Zealand investors increased by $36 million, while the earnings of overseas investors in New Zealand increased by $263 million.

“In the June 2024 quarter, New Zealand continued to issue bonds to overseas investors, which further added to the amount of interest paid on all issued bonds,” senior manager Stuart Jones said.

The overseas earnings of New Zealand investors were largely profits from overseas-owned companies.

Goods imports increase more than exports

In the June 2024 quarter, the seasonally adjusted goods deficit widened by $110 million to $2.6 billion.

Goods imports increased by $183 million, led by transport equipment, including aircraft and aircraft parts.

Goods exports increased by $74 million, led by meat and a range of other commodities, including aluminium, wine, and fish. Exports of logs and wood products and dairy decreased.

Services exports increase

In the June 2024 quarter, the seasonally adjusted services deficit narrowed by $28 million to $501 million.

Services exports increased $127 million, led by transportation services exports.

Services imports increased $99 million, led by travel imports – the spending of New Zealanders while travelling overseas.

International investment position

The net international investment position represents the difference between New Zealand’s financial assets and liabilities with the rest of the world.

New Zealand has a net liability position as it has more liabilities with the rest of the world than assets.

At 30 June 2024, New Zealand’s net international investment liability position was $205.3 billion (49.7 percent of GDP), $6.2 billion wider than $199.1 billion (48.6 percent of GDP) as at 31 March 2024.

Created with Highcharts 5.0.14$Net international investment position ($), June 2004–June 2024 quartersJun-04Dec-04Jun-05Dec-05Jun-06Dec-06Jun-07Dec-07Jun-08Dec-08Jun-09Dec-09Jun-10Dec-10Jun-11Dec-11Jun-12Dec-12Jun-13Dec-13Jun-14Dec-14Jun-15Dec-15Jun-16Dec-16Jun-17Dec-17Jun-18Dec-18Jun-19Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24-225B-200B-175B-150B-125B-100B-75BStats NZ

Net international investment position ($), June 2004–June 2024 quarters

Created with Highcharts 5.0.14$Net international investment position ($), June 2004–June 2024 quartersNet international investment positionJun-04Dec-04Jun-05Dec-05Jun-06Dec-06Jun-07Dec-07Jun-08Dec-08Jun-09Dec-09Jun-10Dec-10Jun-11Dec-11Jun-12Dec-12Jun-13Dec-13Jun-14Dec-14Jun-15Dec-15Jun-16Dec-16Jun-17Dec-17Jun-18Dec-18Jun-19Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24-200B-150B-100B-250B-50BStats NZ
QuarterNet international investment position
Jun-04-99,623,000,000
Sep-04-106,093,000,000
Dec-04-111,481,000,000
Mar-05-110,773,000,000
Jun-05-111,510,000,000
Sep-05-116,818,000,000
Dec-05-120,665,000,000
Mar-06-118,345,000,000
Jun-06-118,985,000,000
Sep-06-124,574,000,000
Dec-06-130,589,000,000
Mar-07-129,757,000,000
Jun-07-133,418,000,000
Sep-07-135,949,000,000
Dec-07-135,977,000,000
Mar-08-138,295,000,000
Jun-08-142,605,000,000
Sep-08-152,257,000,000
Dec-08-155,609,000,000
Mar-09-159,685,000,000
Jun-09-156,598,000,000
Sep-09-156,330,000,000
Dec-09-153,842,000,000
Mar-10-152,424,000,000
Jun-10-154,495,000,000
Sep-10-146,289,000,000
Dec-10-142,898,000,000
Mar-11-126,218,000,000
Jun-11-130,550,000,000
Sep-11-140,663,000,000
Dec-11-143,143,000,000
Mar-12-142,532,000,000
Jun-12-145,150,000,000
Sep-12-145,995,000,000
Dec-12-149,560,000,000
Mar-13-147,518,000,000
Jun-13-148,719,000,000
Sep-13-147,244,000,000
Dec-13-144,969,000,000
Mar-14-150,719,000,000
Jun-14-150,662,000,000
Sep-14-151,474,000,000
Dec-14-154,648,000,000
Mar-15-150,372,000,000
Jun-15-145,068,000,000
Sep-15-150,576,000,000
Dec-15-149,820,000,000
Mar-16-155,720,000,000
Jun-16-159,972,000,000
Sep-16-164,838,000,000
Dec-16-153,636,000,000
Mar-17-148,195,000,000
Jun-17-150,117,000,000
Sep-17-149,860,000,000
Dec-17-150,507,000,000
Mar-18-150,699,000,000
Jun-18-156,549,000,000
Sep-18-158,672,000,000
Dec-18-171,820,000,000
Mar-19-166,749,000,000
Jun-19-170,400,000,000
Sep-19-175,084,000,000
Dec-19-174,356,000,000
Mar-20-182,673,000,000
Jun-20-182,892,000,000
Sep-20-181,686,000,000
Dec-20-183,901,000,000
Mar-21-170,394,000,000
Jun-21-161,065,000,000
Sep-21-170,668,000,000
Dec-21-169,013,000,000
Mar-22-167,935,000,000
Jun-22-189,384,000,000
Sep-22-200,292,000,000
Dec-22-202,239,000,000
Mar-23-192,957,000,000
Jun-23-198,220,000,000
Sep-23-200,320,000,000
Dec-23-211,759,000,000
Mar-24-199,103,000,000
Jun-24-205,284,000,000

The widening of the net international investment liability position reflected New Zealand’s international liabilities increasing more than its assets.

“In the June 2024 quarter, we borrowed more from overseas than we acquired in overseas financial assets,” Jones said.

“This, together with weaker overseas market performance and the stronger New Zealand dollar, contributed to the widening of New Zealand’s net international investment liability position.”

Financial account records net inflow

In the June 2024 quarter, the financial account recorded a net inflow of $3.8 billion from overseas. This inflow helped to finance the $4.8 billion actual current account deficit.

Annual current account deficit $27.8 billion

New Zealand’s annual current account deficit was $27.8 billion (6.7 percent of GDP) in the year ended 30 June 2024.

This compares with a $27.6 billion deficit in the year ended 30 March 2024 (6.7 percent of GDP).

Created with Highcharts 5.0.14PercentAnnual current account balance to GDP ratio (%), year ended in quarter, June 2004–June 2024Jun-04Dec-04Jun-05Dec-05Jun-06Dec-06Jun-07Dec-07Jun-08Dec-08Jun-09Dec-09Jun-10Dec-10Jun-11Dec-11Jun-12Dec-12Jun-13Dec-13Jun-14Dec-14Jun-15Dec-15Jun-16Dec-16Jun-17Dec-17Jun-18Dec-18Jun-19Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24-10-7.5-5-2.50Stats NZ

Annual current account balance to GDP ratio (%), year ended in quarter, June 2004–June 2024

Created with Highcharts 5.0.14PercentAnnual current account balance to GDP ratio (%), year ended in quarter, June 2004–June 2024Annual current account balance to GDP ratio (%)Jun-04Dec-04Jun-05Dec-05Jun-06Dec-06Jun-07Dec-07Jun-08Dec-08Jun-09Dec-09Jun-10Dec-10Jun-11Dec-11Jun-12Dec-12Jun-13Dec-13Jun-14Dec-14Jun-15Dec-15Jun-16Dec-16Jun-17Dec-17Jun-18Dec-18Jun-19Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22Jun-23Dec-23Jun-24-10-7.5-5-2.50Stats NZ
Year ended in quarterAnnual current account balance to GDP ratio (%)
Jun-04-2.8
Sep-04-3.8
Dec-04-4.6
Mar-05-5.1
Jun-05-6.1
Sep-05-6.6
Dec-05-7.1
Mar-06-7.8
Jun-06-7.6
Sep-06-7.3
Dec-06-7.2
Mar-07-6.8
Jun-07-6.9
Sep-07-7.1
Dec-07-6.9
Mar-08-6.6
Jun-08-7
Sep-08-7.5
Dec-08-7.8
Mar-09-7.1
Jun-09-5.1
Sep-09-2.6
Dec-09-2.2
Mar-10-1.5
Jun-10-1.7
Sep-10-2.4
Dec-10-2.3
Mar-11-2.8
Jun-11-2.8
Sep-11-3.2
Dec-11-2.8
Mar-12-3.1
Jun-12-3.6
Sep-12-3.6
Dec-12-3.9
Mar-13-3.7
Jun-13-3.6
Sep-13-3.8
Dec-13-3.2
Mar-14-2.5
Jun-14-2.4
Sep-14-2.5
Dec-14-3.1
Mar-15-3.4
Jun-15-3.3
Sep-15-3.1
Dec-15-2.8
Mar-16-2.4
Jun-16-2.1
Sep-16-2.2
Dec-16-2.1
Mar-17-2.5
Jun-17-2.5
Sep-17-2.6
Dec-17-2.9
Mar-18-3.1
Jun-18-3.6
Sep-18-4
Dec-18-4.2
Mar-19-3.9
Jun-19-3.5
Sep-19-3.3
Dec-19-2.9
Mar-20-2.4
Jun-20-1.6
Sep-20-1
Dec-20-1.1
Mar-21-2.7
Jun-21-3.4
Sep-21-4.7
Dec-21-6
Mar-22-6.8
Jun-22-8.2
Sep-22-8.8
Dec-22-9.4
Mar-23-8.7
Jun-23-8.1
Sep-23-7.8
Dec-23-7.1
Mar-24-6.7
Jun-24-6.7
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