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 December 2024 quarter with September 2024 quarter (unless otherwise stated).
- New Zealand's seasonally adjusted current account deficit was $5.9 billion.
- The current account deficit for the year ended December 2024 narrowed to $26.4 billion (6.2 percent of gross domestic product (GDP)), compared with the $27.3 billion deficit for the December 2023 year (6.5 percent of GDP).
As at 31 December 2024:
- New Zealand's net international liability position was $210.7 billion, compared to $209.8 billion at 30 September 2024.
In the December 2024 quarter, the:
- seasonally adjusted goods deficit narrowed to $1.7 billion
- seasonally adjusted services balance moved from a deficit to a surplus of $41 million
- primary income deficit widened to $4.2 billion
- financial account recorded a net outflow of $3.2 billion.
Current account
New Zealand's seasonally adjusted current account balance was a $5.9 billion deficit in the December 2024 quarter, $475 million narrower than the September 2024 quarter deficit.
The narrowing of the seasonally adjusted current account deficit was due to:
- $465 million increase to the services balance
- $322 million narrowing of the secondary income deficit
- $88 million narrowing of the goods deficit.
There was a $400 million widening of the primary income deficit.
| Component | Change |
| Seasonally adjusted goods balance | 88000000 |
| Seasonally adjusted services balance | 465000000 |
| Primary income balance | -400000000 |
| Secondary income balance | 322000000 |
| Year ended in quarter | Current account balance |
| 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 | -7644000000 |
| Dec-15 | -7102000000 |
| Mar-16 | -6209000000 |
| Jun-16 | -5402000000 |
| Sep-16 | -5779000000 |
| Dec-16 | -5479000000 |
| Mar-17 | -6857000000 |
| Jun-17 | -7010000000 |
| Sep-17 | -7283000000 |
| Dec-17 | -8220000000 |
| Mar-18 | -8910000000 |
| Jun-18 | -10524000000 |
| Sep-18 | -12077000000 |
| Dec-18 | -12822000000 |
| Mar-19 | -11931000000 |
| Jun-19 | -11004000000 |
| Sep-19 | -10425000000 |
| Dec-19 | -9151000000 |
| Mar-20 | -7770000000 |
| Jun-20 | -5185000000 |
| Sep-20 | -3132000000 |
| Dec-20 | -3466000000 |
| Mar-21 | -8906000000 |
| Jun-21 | -11596000000 |
| Sep-21 | -16344000000 |
| Dec-21 | -21272000000 |
| Mar-22 | -24464000000 |
| Jun-22 | -29731000000 |
| Sep-22 | -32761000000 |
| Dec-22 | -35645000000 |
| Mar-23 | -33797000000 |
| Jun-23 | -31919000000 |
| Sep-23 | -31343000000 |
| Dec-23 | -28607000000 |
| Mar-24 | -27619000000 |
| Jun-24 | -27636000000 |
| Sep-24 | -27252000000 |
| Dec-24 | -26401000000 |
The annual current account deficit in the year ended 31 December 2024 was $26.4 billion (6.2 percent of GDP).
| Year ended in quarter | Annual current account balance to GDP ratio (%) |
| 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 | -7.7 |
| Mar-09 | -7.1 |
| Jun-09 | -5 |
| 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 | -3.6 |
| 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 | -8.1 |
| Sep-22 | -8.7 |
| Dec-22 | -9.2 |
| Mar-23 | -8.6 |
| Jun-23 | -7.9 |
| Sep-23 | -7.7 |
| Dec-23 | -6.9 |
| Mar-24 | -6.6 |
| Jun-24 | -6.6 |
| Sep-24 | -6.5 |
| Dec-24 | -6.2 |
Goods and services
In the December 2024 quarter, seasonally adjusted goods exports increased by $669 million while imports increased by $582 million. This resulted in a narrowing of the goods deficit by $88 million, to $1.7 billion.
Goods exports increased by $669 million to $18.4 billion, led by milk powder, butter, and cheese, followed by meat and edible offal.
The seasonally adjusted services balance for the December 2024 quarter was a surplus of $41 million. This was an increase of $465 million from the September 2024 quarter deficit of $424 million. The largest driver was travel services exports (up $401 million), with total services exports up $688 million, and services imports up $223 million.
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 $4.2 billion in the December 2024 quarter, $400 million wider than the previous quarter.
Income earned from New Zealand's investment abroad decreased $274 million from the previous quarter to $3.2 billion in the December 2024 quarter. This was due to:
- $351 million decrease in portfolio investment income
- $127 million increase in direct investment income.
Foreign investment in New Zealand earned overseas investors $7.2 billion in the December 2024 quarter, $141 million more than in the September 2024 quarter. This was due to:
- $370 million increase in income earned on direct investment
- $119 million decrease in income earned on portfolio investment
- $110 million decrease in income earned on other 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 was $29 million in the December 2024 quarter, narrowing $322 million from the previous quarter.
Financial account balance
The financial account records transactions of 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 investment outflow of $3.2 billion in the December 2024 quarter. This was made up of a $9.3 billion net outflow of New Zealand investment abroad, and a $6.0 billion net inflow of foreign investment in New Zealand.
A current account deficit is expected to be financed by net inflows in the financial account. The incoherence among the current, capital, and financial accounts in the December 2024 quarter reflects challenges in measuring investment transactions.
| Component | Assets | Liabilities |
| Direct investment | -857000000 | 2777000000 |
| Portfolio investment | 4642000000 | 7898000000 |
| Financial derivatives | -2446000000 | -5028000000 |
| Other investment | 1773000000 | 395000000 |
| Reserve assets | 6181000000 | 0 |
New Zealand investment abroad recorded a $9.3 billion net outflow in the December 2024 quarter, as New Zealanders increased assets held with the rest of the world.
The net investment outflow was driven by outflows of:
- $6.2 billion in reserve assets
- $4.6 billion in portfolio investment
- $1.8 billion in other investment.
The investment outflows were partly offset by:
- $2.4 billion in receipts from the settlement of financial derivative assets
- $857 million net inflow in direct investment.
Foreign investment in New Zealand recorded a net inflow of $6.0 billion in the December 2024 quarter, as New Zealand increased its liabilities with the rest of the world.
The net investment inflow was driven by inflows of:
- $7.9 billion in portfolio investment
- $2.8 billion in direct investment
- $395 million in other investment.
This was partly offset by $5.0 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.
At 31 December 2024, New Zealand's international assets were $438.9 billion, $34.1 billion more than at 30 September 2024. International liabilities were $649.6 billion, $35.0 billion more over the same period.
The difference between the international liabilities and assets resulted in a net international investment liability position of $210.7 billion, $945 million wider than at 30 September 2024.
| Quarter | Net international investment position |
| 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 | -202926000000 |
| Sep-24 | -209754000000 |
| Dec-24 | -210699000000 |
The increase in New Zealand's international assets was:
- $15.7 billion increase due to exchange rate changes
- $9.3 billion net outflow from financial account assets transactions
- $7.7 billion increase due to financial derivative valuation changes
- $749 million increase due to other valuation changes
- $629 million increase due to market price changes.
The increase in New Zealand's international liabilities was:
- $16.0 billion increase due to financial derivative valuation changes
- $10.3 billion increase due to exchange rate changes
- $6.0 billion net inflow from financial account liabilities transactions
- $2.3 billion increase due to market price changes
- $325 million increase due to other valuation changes.
Net external debt
Net external debt (international assets and liabilities excluding equity and financial derivatives) widened by $781 million during the December 2024 quarter, to reach $220.4 billion at 31 December 2024. This was a result of external debt increasing $15.6 billion and external lending increasing $14.8 billion.
| Year ended in quarter | Net international investment liability position (%) | Net external debt (%) |
| 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 | 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 | 76.1 | 75 |
| 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 | 83.9 |
| Mar-09 | 84.1 | 83.7 |
| Jun-09 | 82.5 | 81.9 |
| Sep-09 | 81.8 | 81.3 |
| Dec-09 | 80 | 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 | 67.7 | 67.9 |
| Mar-12 | 66.8 | 66.1 |
| Jun-12 | 67.5 | 66.6 |
| Sep-12 | 67.6 | 66.3 |
| Dec-12 | 69.1 | 67.5 |
| Mar-13 | 67.7 | 65.5 |
| Jun-13 | 67.9 | 65 |
| Sep-13 | 66.1 | 62.7 |
| Dec-13 | 63.5 | 61.1 |
| Mar-14 | 64.7 | 58.8 |
| Jun-14 | 63.5 | 58.8 |
| Sep-14 | 63.2 | 58.4 |
| Dec-14 | 64.1 | 58.3 |
| Mar-15 | 61.9 | 56.9 |
| Jun-15 | 59 | 56.2 |
| Sep-15 | 60.5 | 55.6 |
| Dec-15 | 59.5 | 54.5 |
| Mar-16 | 60.9 | 55.1 |
| Jun-16 | 61.8 | 54.5 |
| Sep-16 | 62.8 | 57.5 |
| Dec-16 | 57.5 | 53.9 |
| Mar-17 | 54.6 | 53.1 |
| Jun-17 | 54.4 | 52.6 |
| Sep-17 | 53.4 | 52.7 |
| Dec-17 | 52.5 | 51.9 |
| Mar-18 | 51.8 | 51.1 |
| Jun-18 | 52.9 | 51.8 |
| Sep-18 | 53 | 51.8 |
| Dec-18 | 56.8 | 51.6 |
| Mar-19 | 54.4 | 49.9 |
| Jun-19 | 54.9 | 49.8 |
| Sep-19 | 55.6 | 50.2 |
| Dec-19 | 54.5 | 48.8 |
| Mar-20 | 56.5 | 45.1 |
| Jun-20 | 57.6 | 46.7 |
| Sep-20 | 56.6 | 48.5 |
| Dec-20 | 56.8 | 49.2 |
| Mar-21 | 51.9 | 49.1 |
| Jun-21 | 46.9 | 47.5 |
| Sep-21 | 49.3 | 49 |
| Dec-21 | 47.9 | 50.8 |
| Mar-22 | 46.8 | 48.6 |
| Jun-22 | 51.8 | 51.1 |
| Sep-22 | 53.2 | 51.1 |
| Dec-22 | 52.5 | 49 |
| Mar-23 | 49 | 47 |
| Jun-23 | 49.4 | 48 |
| Sep-23 | 49.1 | 46.8 |
| Dec-23 | 51.3 | 49.5 |
| Mar-24 | 47.6 | 48.4 |
| Jun-24 | 48.3 | 48.7 |
| Sep-24 | 49.7 | 52 |
| Dec-24 | 49.4 | 51.6 |
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.
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Balance of payments and international investment position: March 2025 quarter will be released on 18 June 2025.
