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.
| Quarter | Current account balance | Goods balance | Services balance | Primary and secondary income balance |
| Jun-04 | -1202000000 | -334000000 | 1102000000 | -1970000000 |
| Sep-04 | -2289000000 | -803000000 | 806000000 | -2292000000 |
| Dec-04 | -2144000000 | -814000000 | 641000000 | -1972000000 |
| Mar-05 | -2309000000 | -760000000 | 605000000 | -2153000000 |
| Jun-05 | -2871000000 | -997000000 | 506000000 | -2379000000 |
| Sep-05 | -3105000000 | -1486000000 | 836000000 | -2454000000 |
| Dec-05 | -3092000000 | -1070000000 | 572000000 | -2594000000 |
| Mar-06 | -3671000000 | -1335000000 | 614000000 | -2950000000 |
| Jun-06 | -2718000000 | -892000000 | 672000000 | -2498000000 |
| Sep-06 | -2668000000 | -603000000 | 573000000 | -2639000000 |
| Dec-06 | -3010000000 | -953000000 | 806000000 | -2864000000 |
| Mar-07 | -3224000000 | -1051000000 | 778000000 | -2952000000 |
| Jun-07 | -3282000000 | -1045000000 | 702000000 | -2940000000 |
| Sep-07 | -3260000000 | -771000000 | 736000000 | -3226000000 |
| Dec-07 | -2688000000 | -100000000 | 601000000 | -3189000000 |
| Mar-08 | -3191000000 | -553000000 | 632000000 | -3270000000 |
| Jun-08 | -4262000000 | -1397000000 | 503000000 | -3368000000 |
| Sep-08 | -3915000000 | -931000000 | 312000000 | -3296000000 |
| Dec-08 | -3190000000 | -120000000 | 251000000 | -3321000000 |
| Mar-09 | -1939000000 | 522000000 | 538000000 | -2999000000 |
| Jun-09 | -314000000 | 538000000 | 508000000 | -1360000000 |
| Sep-09 | 339000000 | 598000000 | 771000000 | -1030000000 |
| Dec-09 | -2437000000 | 123000000 | 662000000 | -3222000000 |
| Mar-10 | -489000000 | 774000000 | 470000000 | -1732000000 |
| Jun-10 | -889000000 | 1106000000 | 573000000 | -2568000000 |
| Sep-10 | -984000000 | 756000000 | 476000000 | -2217000000 |
| Dec-10 | -2157000000 | 296000000 | 364000000 | -2818000000 |
| Mar-11 | -1641000000 | 730000000 | 309000000 | -2681000000 |
| Jun-11 | -1249000000 | 986000000 | 176000000 | -2411000000 |
| Sep-11 | -1725000000 | 451000000 | 384000000 | -2560000000 |
| Dec-11 | -1303000000 | 700000000 | 629000000 | -2632000000 |
| Mar-12 | -2488000000 | -275000000 | 184000000 | -2396000000 |
| Jun-12 | -2231000000 | 133000000 | 298000000 | -2662000000 |
| Sep-12 | -1785000000 | 203000000 | 267000000 | -2254000000 |
| Dec-12 | -1976000000 | 26000000 | 164000000 | -2166000000 |
| Mar-13 | -1956000000 | 130000000 | 291000000 | -2378000000 |
| Jun-13 | -2147000000 | -192000000 | 316000000 | -2272000000 |
| Sep-13 | -2087000000 | -177000000 | 294000000 | -2204000000 |
| Dec-13 | -856000000 | 1570000000 | 155000000 | -2580000000 |
| Mar-14 | -765000000 | 1489000000 | 303000000 | -2556000000 |
| Jun-14 | -2166000000 | 220000000 | 258000000 | -2644000000 |
| Sep-14 | -2300000000 | -251000000 | 327000000 | -2377000000 |
| Dec-14 | -2271000000 | -371000000 | 762000000 | -2662000000 |
| Mar-15 | -1652000000 | -96000000 | 873000000 | -2429000000 |
| Jun-15 | -2114000000 | -712000000 | 1071000000 | -2474000000 |
| Sep-15 | -1346000000 | -496000000 | 1307000000 | -2156000000 |
| Dec-15 | -1709000000 | -771000000 | 1255000000 | -2193000000 |
| Mar-16 | -970000000 | -394000000 | 1407000000 | -1984000000 |
| Jun-16 | -1326000000 | -523000000 | 1232000000 | -2034000000 |
| Sep-16 | -1804000000 | -756000000 | 1286000000 | -2334000000 |
| Dec-16 | -1415000000 | -872000000 | 1381000000 | -1924000000 |
| Mar-17 | -2449000000 | -861000000 | 1194000000 | -2783000000 |
| Jun-17 | -1573000000 | -530000000 | 1497000000 | -2540000000 |
| Sep-17 | -1855000000 | -145000000 | 1333000000 | -3043000000 |
| Dec-17 | -2281000000 | -530000000 | 1342000000 | -3094000000 |
| Mar-18 | -3311000000 | -1633000000 | 1416000000 | -3094000000 |
| Jun-18 | -3359000000 | -1413000000 | 1362000000 | -3308000000 |
| Sep-18 | -3098000000 | -959000000 | 893000000 | -3032000000 |
| Dec-18 | -2949000000 | -1152000000 | 1101000000 | -2897000000 |
| Mar-19 | -2408000000 | -790000000 | 969000000 | -2587000000 |
| Jun-19 | -2620000000 | -938000000 | 882000000 | -2565000000 |
| Sep-19 | -2447000000 | -1250000000 | 1074000000 | -2271000000 |
| Dec-19 | -1629000000 | -857000000 | 1007000000 | -1780000000 |
| Mar-20 | -923000000 | -88000000 | 984000000 | -1818000000 |
| Jun-20 | -164000000 | 1927000000 | -327000000 | -1764000000 |
| Sep-20 | -1172000000 | 624000000 | -77000000 | -1719000000 |
| Dec-20 | -2102000000 | -2000000 | -748000000 | -1352000000 |
| Mar-21 | -5266000000 | -1363000000 | -1747000000 | -2156000000 |
| Jun-21 | -3226000000 | -410000000 | -480000000 | -2336000000 |
| Sep-21 | -5443000000 | -1926000000 | -1124000000 | -2393000000 |
| Dec-21 | -6773000000 | -2061000000 | -1980000000 | -2732000000 |
| Mar-22 | -8735000000 | -2785000000 | -3027000000 | -2923000000 |
| Jun-22 | -8962000000 | -3185000000 | -2373000000 | -3404000000 |
| Sep-22 | -7610000000 | -2480000000 | -1922000000 | -3208000000 |
| Dec-22 | -9380000000 | -3753000000 | -2152000000 | -3475000000 |
| Mar-23 | -7797000000 | -3899000000 | -1365000000 | -2533000000 |
| Jun-23 | -7024000000 | -2361000000 | -845000000 | -3819000000 |
| Sep-23 | -7097000000 | -3167000000 | -3000000 | -3927000000 |
| Dec-23 | -6716000000 | -2873000000 | -204000000 | -3639000000 |
| Mar-24 | -6900000000 | -2506000000 | -529000000 | -3864000000 |
| Jun-24 | -7169000000 | -2616000000 | -501000000 | -4052000000 |
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.
| Quarter | Net international investment position |
| Jun-04 | -99623000000 |
| Sep-04 | -106093000000 |
| Dec-04 | -111481000000 |
| Mar-05 | -110773000000 |
| Jun-05 | -111510000000 |
| Sep-05 | -116818000000 |
| Dec-05 | -120665000000 |
| 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 | -171820000000 |
| Mar-19 | -166749000000 |
| Jun-19 | -170400000000 |
| Sep-19 | -175084000000 |
| Dec-19 | -174356000000 |
| Mar-20 | -182673000000 |
| Jun-20 | -182892000000 |
| Sep-20 | -181686000000 |
| Dec-20 | -183901000000 |
| Mar-21 | -170394000000 |
| Jun-21 | -161065000000 |
| Sep-21 | -170668000000 |
| Dec-21 | -169013000000 |
| Mar-22 | -167935000000 |
| Jun-22 | -189384000000 |
| Sep-22 | -200292000000 |
| Dec-22 | -202239000000 |
| Mar-23 | -192957000000 |
| Jun-23 | -198220000000 |
| Sep-23 | -200320000000 |
| Dec-23 | -211759000000 |
| Mar-24 | -199103000000 |
| Jun-24 | -205284000000 |
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).
| Year ended in quarter | Annual 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 | -7.0 |
| 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 | -4.0 |
| 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 | -1.0 |
| Dec-20 | -1.1 |
| Mar-21 | -2.7 |
| Jun-21 | -3.4 |
| Sep-21 | -4.7 |
| Dec-21 | -6.0 |
| 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 |
