Balance of payments records the value of the country’s transactions with the rest of the world. It shows changes in financial claims on, and liabilities to, the rest of the world. International investment position is a snapshot of the country’s financial assets and liabilities.
Key facts
Figures compare the March 2026 quarter with the December 2025 quarter (unless otherwise stated).
- New Zealand’s seasonally adjusted current account deficit was $4.6 billion.
- The current account deficit for the year ended March 2026 narrowed to $16.3 billion (3.6 percent of gross domestic product (GDP)) compared with a $18.3 billion deficit for the March 2025 year (4.2 percent of GDP).
At 31 March 2026:
- New Zealand’s net international liability position narrowed to $193.1 billion, compared with $194.9 billion at 31 December 2025.
In the March 2026 quarter, the:
- seasonally adjusted goods deficit widened to $1.1 billion
- seasonally adjusted services surplus was $33 million
- primary income deficit narrowed to $3.3 billion
- financial account recorded a net outflow of $6.1 billion.
Current account
New Zealand’s seasonally adjusted current account balance was a $4.6 billion deficit in the March 2026 quarter, $100 million wider than the December 2025 quarter deficit.
The widening of the seasonally adjusted current account deficit was due to:
- $323 million widening of the goods deficit
- $15 million decrease in the services surplus
- $219 million narrowing of the primary income balance deficit
- $18 million narrowing of the secondary income deficit.
| Component | Change |
| Seasonally adjusted goods balance | -324000000 |
| Seasonally adjusted services balance | -14000000 |
| Primary income balance | 219000000 |
| Secondary income balance | 18000000 |
The annual current account deficit in the year ended 31 March 2026 was $16.3 billion (3.6 percent of GDP).
| Year ended in quarter | Current account balance |
| Mar-06 | -12738000000 |
| Jun-06 | -12460000000 |
| Sep-06 | -12180000000 |
| Dec-06 | -12147000000 |
| Mar-07 | -11616000000 |
| Jun-07 | -12138000000 |
| Sep-07 | -12800000000 |
| Dec-07 | -12555000000 |
| Mar-08 | -12398000000 |
| Jun-08 | -13201000000 |
| Sep-08 | -14116000000 |
| Dec-08 | -14706000000 |
| Mar-09 | -13459000000 |
| Jun-09 | -9567000000 |
| Sep-09 | -5049000000 |
| Dec-09 | -4177000000 |
| Mar-10 | -2832000000 |
| Jun-10 | -3363000000 |
| Sep-10 | -4827000000 |
| Dec-10 | -4613000000 |
| Mar-11 | -5615000000 |
| Jun-11 | -5825000000 |
| Sep-11 | -6765000000 |
| Dec-11 | -5904000000 |
| Mar-12 | -6699000000 |
| Jun-12 | -7700000000 |
| Sep-12 | -7856000000 |
| Dec-12 | -8494000000 |
| Mar-13 | -7948000000 |
| Jun-13 | -7847000000 |
| Sep-13 | -8369000000 |
| Dec-13 | -7232000000 |
| Mar-14 | -5864000000 |
| Jun-14 | -5738000000 |
| Sep-14 | -6078000000 |
| Dec-14 | -7542000000 |
| Mar-15 | -8144000000 |
| Jun-15 | -8197000000 |
| Sep-15 | -7644000000 |
| Dec-15 | -7102000000 |
| Mar-16 | -6209000000 |
| Jun-16 | -5402000000 |
| Sep-16 | -5810000000 |
| Dec-16 | -5541000000 |
| Mar-17 | -6950000000 |
| Jun-17 | -7135000000 |
| Sep-17 | -7444000000 |
| Dec-17 | -8415000000 |
| Mar-18 | -9136000000 |
| Jun-18 | -10778000000 |
| Sep-18 | -12305000000 |
| Dec-18 | -13029000000 |
| Mar-19 | -12129000000 |
| Jun-19 | -11208000000 |
| Sep-19 | -10626000000 |
| Dec-19 | -9286000000 |
| Mar-20 | -7845000000 |
| Jun-20 | -5162000000 |
| Sep-20 | -2977000000 |
| Dec-20 | -3214000000 |
| Mar-21 | -8508000000 |
| Jun-21 | -10978000000 |
| Sep-21 | -15595000000 |
| Dec-21 | -20414000000 |
| Mar-22 | -23621000000 |
| Jun-22 | -29038000000 |
| Sep-22 | -31989000000 |
| Dec-22 | -34769000000 |
| Mar-23 | -32650000000 |
| Jun-23 | -30059000000 |
| Sep-23 | -29158000000 |
| Dec-23 | -25813000000 |
| Mar-24 | -23798000000 |
| Jun-24 | -23257000000 |
| Sep-24 | -21943000000 |
| Dec-24 | -19993000000 |
| Mar-25 | -18313000000 |
| Jun-25 | -16283000000 |
| Sep-25 | -15361000000 |
| Dec-25 | -16002000000 |
| Mar-26 | -16300000000 |
Goods and services
In the March 2026 quarter, seasonally adjusted goods exports increased by $356 million while imports increased by $680 million. This resulted in a widening of the goods deficit by $323 million, to $1.1 billion.
The increase in goods exports was led by fruit and meat and edible offal. The increase in imports was led by mechanical and electrical machinery and equipment.
The seasonally adjusted services balance for the March 2026 quarter was a surplus of $33 million. This was a decrease of $15 million from a surplus of $48 million in the December 2025 quarter.
Services exports increased by $321 million (3.5 percent), to $9.4 billion, led by travel exports. Services imports increased by $336 million (3.7 percent), to $9.4 billion, led by transportation.
Primary and secondary income
Primary income flows between New Zealand and the rest of the world represent income earned from investments and compensation of employees.
The primary income deficit was $3.3 billion in the March 2026 quarter, $219 million narrower than the previous quarter. This was due to:
- $364 million decrease in income earned from New Zealand’s investment abroad
- $603 million decrease in income earned by foreign investment in New Zealand.
Income earned from New Zealand’s investment abroad decreased $364 million to $4.1 billion in the March 2026 quarter. This was due to:
- $169 million decrease in direct investment income
- $112 million decrease in portfolio investment income
- $42 million decrease in reserve assets income
- $41 million decrease in other investment income.
Income earned by foreign investment in New Zealand decreased $603 million to $7.2 billion in the March 2026 quarter. This was driven by:
- $727 million decrease in income earned on direct investment
- $87 million decrease in income earned on other investment
- $212 million increase in income earned on portfolio investment.
Secondary income records the provision of goods, services, or financial instruments between New Zealand and the rest of the world without an equivalent economic value received in return. This includes foreign aid, remittances, and taxes on income and wealth in or out of New Zealand.
The secondary income deficit narrowed by $18 million to $208 million in the March 2026 quarter.
Financial account balance
The financial account records transactions in financial assets and liabilities between residents and non-residents. It measures transactions that increase or decrease New Zealand investment abroad and foreign investment in New Zealand.
The financial account recorded a net $6.1 billion outflow of funds in the March 2026 quarter. This was made up of a $20.9 billion net withdrawal of New Zealand investments abroad and a $14.8 billion net inflow of foreign investment in New Zealand.
| Component | Assets | Liabilities |
| Direct investment | 412000000 | 4029000000 |
| Portfolio investment | -4178000000 | 8694000000 |
| Financial derivatives | -1528000000 | -1829000000 |
| Other investment | 13838000000 | 3856000000 |
| Reserve assets | 12355000000 | 0 |
New Zealand investment abroad
New Zealand investment abroad recorded a $20.9 billion net outflow in the March 2026 quarter, as New Zealanders increased assets held with non-residents.
The net investment outflow was driven by outflows of funds reducing assets by:
- $13.8 billion in other investment
- $12.4 billion in reserve assets
- $412 million in direct investment.
The investment outflows were partly offset by inflows increasing assets abroad of:
- $4.2 billion in portfolio investment
- $1.5 billion receipts from the settlements of financial derivative assets.
Foreign investment in New Zealand
Foreign investment in New Zealand recorded a $14.8 billion net inflow in the March 2026 quarter, as New Zealand increased its liabilities with the rest of the world.
The net investment inflow was driven by inflows increasing liabilities of:
- $8.7 billion in portfolio investment
- $4.0 billion in direct investment
- $3.9 billion in other investment.
This was partly offset by an outflow of $1.8 billion payments for settlements of financial derivative liabilities.
International investment position
The net international investment position represents the difference between New Zealand’s assets and liabilities with the rest of the world.
New Zealand’s net international investment liability position at 31 March 2026 was $193.1 billion (42.8 percent of GDP). This was $1.8 billion narrower than the $194.9 billion (43.8 percent of GDP) liability position at 31 December 2025.
At March 2026 compared with December 2025, the value of New Zealand’s international assets rose $22.6 billion to $504.8 billion, while the value of liabilities rose $20.9 billion to $697.9 billion.
The value of New Zealand’s reserve assets increased to $60.7 billion in the March 2026 quarter, an increase of $12.1 billion from the previous quarter.
The depreciation of the New Zealand dollar against major currencies and fluctuations in share prices across major markets, impacted both New Zealand’s international assets and liability position.
| Quarter | Net international investment position |
| Mar-06 | -118345000000 |
| Jun-06 | -118985000000 |
| Sep-06 | -124574000000 |
| Dec-06 | -130589000000 |
| Mar-07 | -129757000000 |
| Jun-07 | -133418000000 |
| Sep-07 | -135949000000 |
| Dec-07 | -135977000000 |
| Mar-08 | -138295000000 |
| Jun-08 | -142605000000 |
| Sep-08 | -152257000000 |
| Dec-08 | -155609000000 |
| Mar-09 | -159685000000 |
| Jun-09 | -156598000000 |
| Sep-09 | -156330000000 |
| Dec-09 | -153842000000 |
| Mar-10 | -152424000000 |
| Jun-10 | -154495000000 |
| Sep-10 | -146289000000 |
| Dec-10 | -142898000000 |
| Mar-11 | -126218000000 |
| Jun-11 | -130550000000 |
| Sep-11 | -140663000000 |
| Dec-11 | -143143000000 |
| Mar-12 | -142532000000 |
| Jun-12 | -145150000000 |
| Sep-12 | -145995000000 |
| Dec-12 | -149560000000 |
| Mar-13 | -147518000000 |
| Jun-13 | -148719000000 |
| Sep-13 | -147244000000 |
| Dec-13 | -144969000000 |
| Mar-14 | -150719000000 |
| Jun-14 | -150662000000 |
| Sep-14 | -151474000000 |
| Dec-14 | -154648000000 |
| Mar-15 | -150372000000 |
| Jun-15 | -145068000000 |
| Sep-15 | -150576000000 |
| Dec-15 | -149820000000 |
| Mar-16 | -155720000000 |
| Jun-16 | -159972000000 |
| Sep-16 | -164838000000 |
| Dec-16 | -153636000000 |
| Mar-17 | -148195000000 |
| Jun-17 | -150117000000 |
| Sep-17 | -149860000000 |
| Dec-17 | -150507000000 |
| Mar-18 | -150699000000 |
| Jun-18 | -156549000000 |
| Sep-18 | -158672000000 |
| Dec-18 | -172822000000 |
| Mar-19 | -167751000000 |
| Jun-19 | -171625000000 |
| Sep-19 | -176368000000 |
| Dec-19 | -175671000000 |
| Mar-20 | -182993000000 |
| Jun-20 | -183319000000 |
| Sep-20 | -182589000000 |
| Dec-20 | -184769000000 |
| Mar-21 | -169769000000 |
| Jun-21 | -160232000000 |
| Sep-21 | -169801000000 |
| Dec-21 | -168284000000 |
| Mar-22 | -168071000000 |
| Jun-22 | -190091000000 |
| Sep-22 | -201309000000 |
| Dec-22 | -204741000000 |
| Mar-23 | -196073000000 |
| Jun-23 | -200814000000 |
| Sep-23 | -201711000000 |
| Dec-23 | -210591000000 |
| Mar-24 | -197417000000 |
| Jun-24 | -200809000000 |
| Sep-24 | -207858000000 |
| Dec-24 | -211471000000 |
| Mar-25 | -211172000000 |
| Jun-25 | -209493000000 |
| Sep-25 | -202948000000 |
| Dec-25 | -194882000000 |
| Mar-26 | -193112000000 |
The increase in New Zealand’s international assets was:
- $20.9 billion net inflow from financial account assets transactions
- $6.7 billion increase in financial derivative valuation changes
- $1.8 billion increase due to other valuation changes
- $1.6 billion increase due to exchange rate changes
- $8.3 billion decrease due to market price changes.
The increase in New Zealand’s international liabilities was:
- $14.8 billion net inflow from financial account liabilities transactions
- $7.5 billion increase due to financial derivative valuation changes
- $6.4 billion increase due to other valuation changes
- $699 million increase due to exchange rate changes
- $8.5 billion decrease due to market price changes.
Net external debt
Net external debt (international assets and liabilities excluding equity and financial derivatives) narrowed by $12.7 billion during the March 2026 quarter, to reach $220.8 billion at 31 March 2026 (49.0 percent of GDP). This was a result of external debt increasing by $13.6 billion and external lending increasing by $26.2 billion.
| Year ended in quarter | Net international investment liability position (%) | Net external debt (%) |
| Mar-06 | 72.6 | 71.7 |
| Jun-06 | 72.3 | 71.6 |
| Sep-06 | 75.1 | 74.4 |
| Dec-06 | 77.3 | 74.7 |
| Mar-07 | 75.4 | 74.3 |
| Jun-07 | 76.1 | 75.0 |
| Sep-07 | 75.8 | 76.6 |
| Dec-07 | 74.2 | 74.9 |
| Mar-08 | 74.1 | 75.3 |
| Jun-08 | 75.5 | 79.3 |
| Sep-08 | 80.4 | 83.6 |
| Dec-08 | 82.0 | 83.9 |
| Mar-09 | 84.1 | 83.7 |
| Jun-09 | 82.5 | 81.9 |
| Sep-09 | 81.8 | 81.3 |
| Dec-09 | 80.0 | 80.6 |
| Mar-10 | 78.3 | 79.8 |
| Jun-10 | 78.3 | 80.3 |
| Sep-10 | 73.3 | 75.5 |
| Dec-10 | 70.7 | 74.7 |
| Mar-11 | 61.9 | 66.4 |
| Jun-11 | 63.3 | 65.1 |
| Sep-11 | 67.4 | 68.4 |
| Dec-11 | 67.8 | 67.9 |
| Mar-12 | 66.8 | 66.1 |
| Jun-12 | 67.5 | 66.6 |
| Sep-12 | 67.7 | 66.4 |
| Dec-12 | 69.1 | 67.5 |
| Mar-13 | 67.7 | 65.5 |
| Jun-13 | 67.9 | 65.0 |
| Sep-13 | 66.2 | 62.7 |
| Dec-13 | 63.5 | 61.1 |
| Mar-14 | 64.7 | 58.9 |
| Jun-14 | 63.6 | 58.8 |
| Sep-14 | 63.2 | 58.4 |
| Dec-14 | 64.2 | 58.3 |
| Mar-15 | 61.9 | 57.0 |
| Jun-15 | 59.0 | 56.2 |
| Sep-15 | 60.5 | 55.6 |
| Dec-15 | 59.5 | 54.5 |
| Mar-16 | 61.0 | 55.1 |
| Jun-16 | 61.8 | 54.6 |
| Sep-16 | 62.8 | 57.6 |
| Dec-16 | 57.6 | 54.0 |
| Mar-17 | 54.6 | 53.2 |
| Jun-17 | 54.4 | 52.7 |
| Sep-17 | 53.4 | 52.8 |
| Dec-17 | 52.5 | 51.9 |
| Mar-18 | 51.8 | 51.2 |
| Jun-18 | 53.0 | 51.8 |
| Sep-18 | 53.0 | 51.9 |
| Dec-18 | 57.2 | 52.0 |
| Mar-19 | 54.8 | 50.3 |
| Jun-19 | 55.3 | 50.2 |
| Sep-19 | 56.0 | 50.6 |
| Dec-19 | 54.9 | 49.1 |
| Mar-20 | 56.6 | 45.1 |
| Jun-20 | 57.7 | 46.7 |
| Sep-20 | 56.8 | 48.6 |
| Dec-20 | 57.0 | 49.2 |
| Mar-21 | 51.6 | 48.7 |
| Jun-21 | 46.6 | 47.1 |
| Sep-21 | 49.0 | 48.6 |
| Dec-21 | 47.7 | 50.5 |
| Mar-22 | 46.9 | 48.4 |
| Jun-22 | 52.0 | 51.0 |
| Sep-22 | 53.5 | 51.0 |
| Dec-22 | 53.1 | 49.1 |
| Mar-23 | 49.8 | 47.3 |
| Jun-23 | 50.0 | 48.3 |
| Sep-23 | 49.4 | 46.8 |
| Dec-23 | 51.0 | 49.3 |
| Mar-24 | 47.3 | 48.3 |
| Jun-24 | 47.7 | 48.4 |
| Sep-24 | 49.1 | 51.6 |
| Dec-24 | 49.5 | 51.6 |
| Mar-25 | 48.9 | 50.8 |
| Jun-25 | 48.1 | 50.3 |
| Sep-25 | 46.1 | 51.6 |
| Dec-25 | 43.8 | 52.4 |
| Mar-26 | 42.8 | 49.0 |
More data
Use Infoshare for balance of payments time series:
Subject category: Economic indicators
Group: Balance of payments – BOP
Group: International investment position – IIP
Definitions and metadata
Balance of payments – DataInfo+ details the general methodology used to produce balance of payments statistics.
Balance of payments concepts – DataInfo+ provides the definitions of terms used in this release.
Technical enquiries
International accounts team
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04 931 4600
ISSN 1178-0215
Next release
Balance of payments and international investment position: June 2026 quarter will be released on 16 September 2026.
