Q2 2024 Balance Of Payments & Investment Position

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 June 2024 quarter with March 2024 quarter (unless otherwise stated).

  • New Zealand's seasonally adjusted current account deficit widened by $269 million to $7.2 billion.
  • The current account deficit for the year ended 30 June 2024 was $27.8 billion (6.7 percent of gross domestic product (GDP)).

As at 30 June 2024:

  • New Zealand's net international investment liability position was $205.3 billion, compared with $199.1 billion at 31 March 2024.

In the June 2024 quarter, the:

  • seasonally adjusted goods deficit widened to $2.6 billion
  • seasonally adjusted services deficit narrowed to $501 million
  • primary income deficit widened to $3.8 billion
  • financial account recorded a net inflow of $3.8 billion.

Current account

New Zealand's seasonally adjusted current account balance was a $7.2 billion deficit in the June 2024 quarter, $269 million wider than the March 2024 quarter deficit.

The widening of the seasonally adjusted current account deficit was mainly due to:

  • $291 million widening of the primary income deficit
  • $110 million widening of the goods deficit.

The widening of the seasonally adjusted current account deficit was partly offset by:

  • $104 million narrowing of the secondary income deficit
  • $28 million narrowing of the services deficit.
ComponentChange
Seasonally adjusted goods balance-110000000
Seasonally adjusted services balance 28000000
Primary income balance-291000000
Secondary income balance 104000000

Goods and services

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.

The services deficit narrowed by $28 million to $501 million.

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

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

Revision to travel services exports from September 2022 to March 2024

In the June 2024 quarter, Stats NZ updated the method used to calculate travel services exports. This resulted in a revision to travel services exports and the current account deficit for all quarters from September 2022 to March 2024.

See International trade: June 2024 quarter - data sources and methods for further details about changes made to travel services exports calculations.

Quarter"Travel services exports"Travel services exports
Jun-04 seasonally adjusted" actual"
Sep-0425710000002213000000
Dec-0423900000001827000000
Mar-0522620000002246000000
Jun-0523180000003176000000
Sep-0521700000001900000000
Dec-0524730000001902000000
Mar-0622640000002215000000
Jun-0623150000003181000000
Sep-0624230000002131000000
Dec-0622970000001775000000
Mar-0724260000002342000000
Jun-0724690000003413000000
Sep-0724630000002168000000
Dec-0725290000001950000000
Mar-0823950000002305000000
Jun-0824120000003355000000
Sep-0825970000002266000000
Dec-0822770000001759000000
Mar-0923250000002251000000
Jun-0924650000003422000000
Sep-0922720000001973000000
Dec-0924890000001923000000
Mar-1023650000002306000000
Jun-1022620000003142000000
Sep-1022810000001956000000
Dec-1022360000001740000000
Mar-1122570000002213000000
Jun-1122880000003168000000
Sep-1122540000001924000000
Dec-1123080000001800000000
Mar-1224360000002400000000
Jun-1222060000003050000000
Sep-1222180000001886000000
Dec-1222080000001727000000
Mar-1321650000002135000000
Jun-1322430000003094000000
Sep-1322340000001908000000
Dec-1323580000001841000000
Mar-1422300000002194000000
Jun-1423850000003291000000
Sep-1424670000002116000000
Dec-1425460000001984000000
Mar-1530460000002985000000
Jun-1531260000004313000000
Sep-1533250000002881000000
Dec-1536430000002814000000
Mar-1635000000003429000000
Jun-1635870000004944000000
Sep-1634770000003041000000
Dec-1634770000002659000000
Mar-1735420000003477000000
Jun-1735930000004945000000
Sep-1737610000003320000000
Dec-1738160000002884000000
Mar-1838360000003775000000
Jun-1838950000005361000000
Sep-1840670000003611000000
Dec-1838180000002859000000
Mar-1939540000003886000000
Jun-1939440000005450000000
Sep-1939740000003545000000
Dec-1940090000002969000000
Mar-2041080000004024000000
Jun-2038680000005376000000
Sep-2014970000001338000000
Dec-2014990000001104000000
Mar-2110830000001051000000
Jun-217650000001072000000
Sep-2115330000001373000000
Dec-211160000000851000000
Mar-22787000000756000000
Jun-22557000000786000000
Sep-2213310000001197000000
Dec-2220220000001482000000
Mar-2323330000002214000000
Jun-2327740000003933000000
Sep-2332170000002905000000
Dec-2335960000002631000000
Mar-2436560000003445000000
Jun-2438140000005422000000
Travel services exports ($ millions), September 2022-June 2024 quarters

Quarter

Previously published Mar-24

Revised Jun-24

Change

Seasonally
adjusted

Actual

Seasonally
adjusted

Actual

Seasonally
adjusted

Actual

Sep-2022

2,196

1,655

2,022

1,482

-174

-173

Dec-2022

2,583

2,540

2,333

2,214

-250

-326

Mar-2023

2,654

3,661

2,774

3,933

120

272

Jun-2023

3,119

2,754

3,217

2,905

98

151

Sep-2023

3,795

2,864

3,596

2,631

-199

-233

Dec-2023

3,725

3,662

3,656

3,445

-69

-217

Mar-2024

3,077

4,244

3,814

5,422

737

1,178

Jun-2024

3,817

3,461

The annual current account deficit for the year ended 30 June 2024 was $27.8 billion (6.7 percent of GDP).

Year ended in quarterCurrent account balance
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 -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-24-27762000000
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-08-7.0
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

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 $3.8 billion in the June 2024 quarter, $291 million wider than the previous quarter.

Income from New Zealand investment abroad increased $36 million from the previous quarter to $3.2 billion in the June 2024 quarter. This was due to:

  • $216 million increase in direct investment income
  • $10 million increase in other investment income.

The increase in income from New Zealand investment abroad was offset by:

  • $161 million decrease in portfolio investment income
  • $29 million decrease in reserve assets income.

Income earned on foreign investment in New Zealand increased $263 million from the previous quarter to $6.7 billion in the June 2024 quarter. This was due to:

  • $120 million increase in portfolio investment income
  • $83 million increase in direct investment income
  • $61 million increase in other investment income.

In the June 2024 quarter, the secondary income deficit narrowed by $104 million to $282 million.

Financial account

In the June 2024 quarter, the financial account recorded a net investment inflow of $3.8 billion. This was made up of a $7.9 billion net inflow of foreign investment in New Zealand and a $4.1 billion net outflow of New Zealand investment abroad.

ComponentAssetsLiabilities
Direct investment2180000002315000000
Portfolio investment11100000008532000000
Financial derivatives-2938000000-2108000000
Other investment2856000000-856000000
Reserve assets28430000000

New Zealand investment abroad

New Zealand investment abroad recorded a $4.1 billion net investment outflow in the June 2024 quarter, as New Zealanders increased assets held with the rest of the world.

The net investment outflow was driven by:

  • $2.9 billion in other investment
  • $2.8 billion in reserve assets
  • $1.1 billion in portfolio investment
  • $218 million in direct investment.

The net investment outflow was partly offset by $2.9 billion receipts from the settlement of financial derivative assets.

Foreign investment in New Zealand

Foreign investment in New Zealand recorded a net inflow of $7.9 billion in the June 2024 quarter, as New Zealand increased its liabilities with the rest of the world.

The net investment inflow was driven by:

  • $8.5 billion in portfolio investment
  • $2.3 billion in direct investment.

The net investment inflow was partly offset by:

  • $2.1 billion payments for settlements of financial derivatives liabilities
  • $856 million outflow in other investment.

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 30 June 2024, New Zealand's international assets were $386.5 billion, $452 million more than at 31 March 2024. International liabilities were $591.8 billion, $6.6 billion more than at 31 March 2024.

The difference between the international liabilities and assets resulted in a net international investment liability position of $205.3 billion (49.7 percent of GDP), $6.2 billion wider than at 31 March 2024 (48.6 percent of GDP).

QuarterNet 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 increase in New Zealand's international assets was due to:

  • $4.1 billion net outflow from financial account assets transactions
  • $2.9 billion decrease due to exchange rate changes
  • $100 million increase due to financial derivative valuation changes
  • $1.4 billion decrease due to market price changes
  • $574 million increase due to other valuation changes.

The increase in New Zealand's international liabilities was due to:

  • $7.9 billion net inflow from financial account liabilities transactions
  • $1.8 billion decrease due to exchange rate changes
  • $1.5 billion decrease due to financial derivative valuation changes
  • $908 million decrease due to market price changes
  • $2.9 billion increase due to other valuation changes.

Net external debt

Net external debt (international assets and liabilities excluding equity and financial derivatives) widened by $2.6 billion during the June 2024 quarter, to reach $204.9 billion (49.6 percent of GDP) at 30 June 2024.

The widening of net external debt was a result of external debt increasing $8.6 billion and external lending increasing $6.0 billion.

Year ended in quarterNet international investment liability position (%)Net external debt (%)
Jun-0467.560.9
Sep-0470.561.8
Dec-0472.965.3
Mar-0571.764.9
Jun-0571.164.9
Sep-0573.567.6
Dec-0575.070.8
Mar-0672.671.7
Jun-0672.371.6
Sep-0675.174.4
Dec-0677.374.7
Mar-0775.474.3
Jun-0776.075.0
Sep-0775.776.6
Dec-0774.274.9
Mar-0874.175.3
Jun-0875.579.3
Sep-0880.583.7
Dec-0882.184.1
Mar-0984.383.9
Jun-0982.782.1
Sep-0982.081.5
Dec-0980.280.8
Mar-1078.480.0
Jun-1078.580.5
Sep-1073.575.7
Dec-1070.974.8
Mar-1162.166.6
Jun-1163.565.2
Sep-1167.568.6
Dec-1167.868.0
Mar-1266.966.2
Jun-1267.566.7
Sep-1267.766.4
Dec-1269.367.6
Mar-1367.865.6
Jun-1368.065.1
Sep-1366.262.8
Dec-1363.661.1
Mar-1464.758.9
Jun-1463.658.8
Sep-1463.258.4
Dec-1464.258.3
Mar-1562.057.0
Jun-1559.156.2
Sep-1560.555.6
Dec-1559.554.5
Mar-1661.055.1
Jun-1661.854.6
Sep-1662.957.6
Dec-1657.654.0
Mar-1754.653.2
Jun-1754.552.7
Sep-1753.452.8
Dec-1752.552.0
Mar-1851.851.2
Jun-1853.051.8
Sep-1853.051.9
Dec-1856.851.6
Mar-1954.550.0
Jun-1954.949.9
Sep-1955.650.3
Dec-1954.548.8
Mar-2056.645.1
Jun-2057.746.8
Sep-2056.748.6
Dec-2056.949.3
Mar-2152.049.3
Jun-2147.047.6
Sep-2149.449.0
Dec-2147.950.9
Mar-2246.948.7
Jun-2252.051.3
Sep-2253.651.5
Dec-2253.149.6
Mar-2349.847.7
Jun-2350.248.8
Sep-2350.047.7
Dec-2352.350.4
Mar-2448.649.3
Jun-2449.749.6

2024 data updates

We make updates annually in the June quarter, in line with international best practice, to ensure the statistics continue to reflect our changing world.

See 2024 balance of payments and national accounts: Data sources and methods for further information.

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: Year ended 31 March 2024 will be released on 27 September 2024.

Balance of payments and international investment position: September 2024 quarter will be released on 18 December 2024.

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