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 March 2024 quarter with December 2023 quarter (unless otherwise stated).
- New Zealand's seasonally adjusted current account deficit widened by $330 million to $7.3 billion.
- The current account deficit for the year ended 31 March 2024 was $27.6 billion (6.8 percent of gross domestic product (GDP)).
As at 31 March 2024:
- New Zealand's net international investment liability position was $199.1 billion, compared with $210.3 billion as at 31 December 2023.
In the March 2024 quarter:
- seasonally adjusted goods deficit narrowed to $2.5 billion
- seasonally adjusted services deficit widened to $1.5 billion
- primary income deficit narrowed to $3.0 billion
- financial account recorded a net outflow of $3.7 billion.
Current account
New Zealand's seasonally adjusted current account balance was a $7.3 billion deficit in the March 2024 quarter, $330 million wider than the December 2023 quarter deficit.
The widening of the seasonally adjusted current account deficit was mainly due to:
- $1.1 billion widening of the services deficit
- $172 million widening of the secondary income deficit.
The widening of the seasonally adjusted current account deficit was partly offset by:
- $393 million narrowing of the goods deficit
- $523 million narrowing of the primary income deficit.
| Component | Change |
| Seasonally adjusted goods balance | 393000000 |
| Seasonally adjusted services balance | -1074000000 |
| Primary income balance | 523000000 |
| Secondary income balance | -172000000 |
The annual current account deficit in the year ended 31 March 2024 was $27.6 billion (6.8 percent of GDP).
| Year ended | Current account balance |
| Mar-04 | -4057000000 |
| Jun-04 | -4114000000 |
| Sep-04 | -5755000000 |
| Dec-04 | -7029000000 |
| Mar-05 | -7943000000 |
| Jun-05 | -9538000000 |
| Sep-05 | -10512000000 |
| Dec-05 | -11485000000 |
| 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 | -7622000000 |
| Dec-15 | -7056000000 |
| Mar-16 | -6140000000 |
| Jun-16 | -5311000000 |
| Sep-16 | -5686000000 |
| Dec-16 | -5379000000 |
| Mar-17 | -6741000000 |
| Jun-17 | -6904000000 |
| Sep-17 | -7188000000 |
| Dec-17 | -8140000000 |
| Mar-18 | -8854000000 |
| Jun-18 | -10450000000 |
| Sep-18 | -11979000000 |
| Dec-18 | -12701000000 |
| Mar-19 | -11786000000 |
| Jun-19 | -10831000000 |
| Sep-19 | -10233000000 |
| Dec-19 | -8938000000 |
| Mar-20 | -7519000000 |
| Jun-20 | -4922000000 |
| Sep-20 | -2852000000 |
| Dec-20 | -3164000000 |
| Mar-21 | -8519000000 |
| Jun-21 | -11186000000 |
| Sep-21 | -15792000000 |
| Dec-21 | -20552000000 |
| Mar-22 | -23600000000 |
| Jun-22 | -28602000000 |
| Sep-22 | -31136000000 |
| Dec-22 | -33447000000 |
| Mar-23 | -31754000000 |
| Jun-23 | -29881000000 |
| Sep-23 | -29766000000 |
| Dec-23 | -27941000000 |
| Mar-24 | -27637000000 |
| Year ended in quarter | Annual current account balance to GDP ratio (%) |
| Mar-04 | -2.8 |
| 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 | -2.0 |
| Mar-17 | -2.5 |
| Jun-17 | -2.5 |
| Sep-17 | -2.6 |
| Dec-17 | -2.8 |
| Mar-18 | -3.0 |
| Jun-18 | -3.5 |
| Sep-18 | -4.0 |
| Dec-18 | -4.2 |
| Mar-19 | -3.8 |
| Jun-19 | -3.5 |
| Sep-19 | -3.3 |
| Dec-19 | -2.8 |
| Mar-20 | -2.3 |
| Jun-20 | -1.6 |
| Sep-20 | -0.9 |
| Dec-20 | -1.0 |
| Mar-21 | -2.6 |
| Jun-21 | -3.3 |
| Sep-21 | -4.6 |
| Dec-21 | -5.8 |
| Mar-22 | -6.6 |
| Jun-22 | -7.9 |
| Sep-22 | -8.3 |
| Dec-22 | -8.8 |
| Mar-23 | -8.2 |
| Jun-23 | -7.6 |
| Sep-23 | -7.4 |
| Dec-23 | -6.9 |
| Mar-24 | -6.8 |
Goods and services
In the March 2024 quarter, the seasonally adjusted goods deficit narrowed by $393 million, to $2.5 billion.
Goods exports increased by $964 million, driven by fruit, dairy, and logs and wood products.
Goods imports increased by $571 million, driven by consumption goods, for example clothing.
The services deficit widened by $1.1 billion to $1.5 billion.
Services exports decreased by $886 million, driven by travel services (the spending of overseas visitors while in New Zealand).
Services imports increased by $189 million, driven by the spending of New Zealanders while travelling overseas.
Primary and secondary income
Primary income inflows and outflows between New Zealand and the rest of the world represent income earned from investments and compensation of employees.
The primary income deficit was $3.0 billion in the March 2024 quarter, $523 million narrower than the previous quarter.
Income from New Zealand investment abroad increased $83 million from the previous quarter to $3.3 billion in the March 2024 quarter. This was due to:
- $280 million increase in portfolio investment income
- $41 million increase in other investment income
- $28 million increase in reserve assets income
- $266 million decrease in direct investment income.
Income earned on foreign investment in New Zealand decreased $483 million from the previous quarter to $6.1 billion. This was due to:
- $481 million decrease in direct investment income
- $24 million decrease in portfolio investment income
- $22 million increase in other investment income.
In the March 2024 quarter, the secondary income deficit widened by $172 million to $262 million.
Seasonal adjustment
COVID-19 has disrupted seasonal patterns of economic activity and Stats NZ has adopted measures to manage this, including using additive outlier treatment.
Seasonal adjustment and automatic outliers in time series after COVID-19 provides more detail about the challenges posed by the disruptions and our approach to minimise the effects.
Estimation of travel exports
During COVID, we adapted the method used to estimate travel exports (the expenditure of overseas visitors in New Zealand). See Change to methodology for estimating visitor expenditure in New Zealand for the September 2022 quarter for more information.
Now that travel patterns have returned to a more similar level to pre-COVID, we plan to review this estimation method on an ongoing basis.
Financial account
In the March 2024 quarter, the financial account recorded a net investment outflow of $3.7 billion. The net investment outflow was made up of a $5.7 billion net outflow of New Zealand investment abroad and a $2.0 billion net inflow of foreign investment in New Zealand.
| Component | Assets | Liabilities |
| Direct investment | 1480000000 | 1563000000 |
| Portfolio investment | 6751000000 | 9562000000 |
| Financial derivatives | -2889000000 | -2447000000 |
| Other investment | -1834000000 | -6639000000 |
| Reserve assets | 2186000000 | 0 |
New Zealand investment abroad
New Zealand investment abroad recorded a $5.7 billion net investment outflow in the March 2024 quarter, as New Zealanders increased assets held with the rest of the world.
The net investment outflow was driven by:
- $6.8 billion in portfolio investment
- $2.2 billion in reserve assets
- $1.5 billion in direct investment.
The net investment outflow was partly offset by:
- $2.9 billion receipts from the settlement of financial derivative assets
- $1.8 billion inflow in other investment.
Foreign investment in New Zealand
Foreign investment in New Zealand recorded a net inflow of $2.0 billion in the March 2024 quarter, as New Zealand increased its liabilities with the rest of the world.
The net investment inflow was driven by:
- $9.6 billion in portfolio investment
- $1.6 billion in direct investment.
The net investment inflow was partly offset by:
- $6.6 billion outflow in other investment
- $2.4 billion payments for settlements of financial derivatives 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.
At 31 March 2024, New Zealand's international assets were $384.8 billion, $23.1 billion more than at 31 December 2023. International liabilities were $583.9 billion, $12.0 billion more than at 31 December 2023.
The difference between the international liabilities and assets resulted in a net international investment liability position of $199.1 billion (48.7 percent of GDP), $11.2 billion narrower than at 31 December 2023.
| Quarter | Net international investment position |
| Mar-04 | -100596000000 |
| 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 | -149955000000 |
| Dec-15 | -149223000000 |
| Mar-16 | -155191000000 |
| Jun-16 | -159343000000 |
| Sep-16 | -164352000000 |
| Dec-16 | -153049000000 |
| Mar-17 | -147635000000 |
| Jun-17 | -149665000000 |
| Sep-17 | -149251000000 |
| Dec-17 | -149718000000 |
| Mar-18 | -150240000000 |
| Jun-18 | -154824000000 |
| Sep-18 | -157239000000 |
| Dec-18 | -170317000000 |
| Mar-19 | -164767000000 |
| Jun-19 | -168256000000 |
| Sep-19 | -172848000000 |
| Dec-19 | -171362000000 |
| Mar-20 | -179673000000 |
| Jun-20 | -180651000000 |
| Sep-20 | -178594000000 |
| Dec-20 | -180273000000 |
| Mar-21 | -166361000000 |
| Jun-21 | -157272000000 |
| Sep-21 | -166561000000 |
| Dec-21 | -164621000000 |
| Mar-22 | -163191000000 |
| Jun-22 | -184762000000 |
| Sep-22 | -194920000000 |
| Dec-22 | -194939000000 |
| Mar-23 | -189203000000 |
| Jun-23 | -193664000000 |
| Sep-23 | -197860000000 |
| Dec-23 | -210258000000 |
| Mar-24 | -199102000000 |
The increase in New Zealand's international assets was due to:
- $5.7 billion net outflow from financial account assets transactions
- $6.3 billion increase due to exchange rate changes
- $2.1 billion decrease due to financial derivative valuation changes
- $11.1 billion increase due to market price changes
- $2.1 billion increase due to other valuation changes.
The increase in New Zealand's international liabilities was due to:
- $2.0 billion net inflow from financial account liabilities transactions
- $4.5 billion increase due to exchange rate changes
- $1.0 billion decrease due to financial derivative valuation changes
- $2.9 billion increase due to market price changes
- $3.5 billion increase due to other valuation changes.
Net external debt
Net external debt (international assets and liabilities, excluding equity and financial derivatives) narrowed by $963 million during the March 2024 quarter, to reach $200.9 billion (49.1 percent of GDP) at 31 March 2024.
The narrowing of net external debt was a result of external lending increasing $9.2 billion and external debt increasing $8.3 billion.
| Year ended in quarter | Net international investment liability position (%) | Net external debt (%) |
| Mar-04 | 69.6 | 61.1 |
| Jun-04 | 67.5 | 60.9 |
| Sep-04 | 70.5 | 61.8 |
| Dec-04 | 72.9 | 65.3 |
| Mar-05 | 71.7 | 64.9 |
| Jun-05 | 71.1 | 64.9 |
| Sep-05 | 73.5 | 67.6 |
| Dec-05 | 75.0 | 70.8 |
| 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 | 76.0 | 75.0 |
| Sep-07 | 75.7 | 76.6 |
| Dec-07 | 74.2 | 74.9 |
| Mar-08 | 74.1 | 75.3 |
| Jun-08 | 75.5 | 79.3 |
| Sep-08 | 80.5 | 83.7 |
| Dec-08 | 82.1 | 84.1 |
| Mar-09 | 84.3 | 83.9 |
| Jun-09 | 82.7 | 82.1 |
| Sep-09 | 82.0 | 81.5 |
| Dec-09 | 80.2 | 80.8 |
| Mar-10 | 78.4 | 80.0 |
| Jun-10 | 78.5 | 80.5 |
| Sep-10 | 73.5 | 75.7 |
| Dec-10 | 70.9 | 74.8 |
| Mar-11 | 62.1 | 66.6 |
| Jun-11 | 63.5 | 65.2 |
| Sep-11 | 67.5 | 68.6 |
| Dec-11 | 67.8 | 68.0 |
| Mar-12 | 66.9 | 66.2 |
| Jun-12 | 67.5 | 66.7 |
| Sep-12 | 67.7 | 66.4 |
| Dec-12 | 69.3 | 67.6 |
| Mar-13 | 67.8 | 65.6 |
| Jun-13 | 68.0 | 65.1 |
| Sep-13 | 66.2 | 62.8 |
| Dec-13 | 63.6 | 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 | 62.0 | 57.0 |
| Jun-15 | 59.1 | 56.2 |
| Sep-15 | 60.3 | 55.4 |
| Dec-15 | 59.3 | 54.3 |
| Mar-16 | 60.8 | 54.9 |
| Jun-16 | 61.6 | 54.3 |
| Sep-16 | 62.7 | 57.4 |
| Dec-16 | 57.4 | 53.8 |
| Mar-17 | 54.4 | 53.0 |
| Jun-17 | 54.3 | 52.5 |
| Sep-17 | 53.2 | 52.6 |
| Dec-17 | 52.3 | 51.7 |
| Mar-18 | 51.7 | 51.0 |
| Jun-18 | 52.4 | 51.2 |
| Sep-18 | 52.5 | 51.4 |
| Dec-18 | 56.3 | 51.1 |
| Mar-19 | 53.8 | 49.3 |
| Jun-19 | 54.2 | 49.2 |
| Sep-19 | 54.9 | 49.6 |
| Dec-19 | 53.6 | 47.9 |
| Mar-20 | 55.6 | 44.2 |
| Jun-20 | 56.9 | 46.1 |
| Sep-20 | 55.7 | 47.6 |
| Dec-20 | 55.7 | 48.1 |
| Mar-21 | 50.7 | 48.0 |
| Jun-21 | 45.9 | 46.5 |
| Sep-21 | 48.1 | 47.8 |
| Dec-21 | 46.6 | 49.6 |
| Mar-22 | 45.5 | 47.4 |
| Jun-22 | 50.7 | 50.0 |
| Sep-22 | 52.1 | 50.1 |
| Dec-22 | 51.1 | 47.5 |
| Mar-23 | 48.7 | 46.5 |
| Jun-23 | 49.0 | 47.3 |
| Sep-23 | 49.3 | 47.0 |
| Dec-23 | 52.0 | 49.9 |
| Mar-24 | 48.7 | 49.1 |
Net errors and omissions
The balance of payments statement for the March 2024 quarter recorded a net errors and omissions (NEO) amount of $8.2 billion.
The NEO is the difference between total debit and total credit entries in the double-entry compilation of a balance of payments statement. A positive value for NEO denotes either an under-count of credits (inflows of goods, services, income) or financial liability transactions or an over-count of debits or financial asset transactions.
Stats NZ has been working towards identifying the possible causes of NEO and resolving data issues. This includes validating administrative data sources at a finer level, and reviewing assumptions where transactions are derived from estimation methods.
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
Gareesh Madhas
03 964 8363
[email protected]
ISSN 1178-0215
Next releases
Balance of payments and international investment position: June 2024 quarter will be released on 18 September 2024.
Balance of payments and international investment position: Year ended 31 March 2024 will be released on 27 September 2024.
