New Zealand's seasonally adjusted current account deficit narrowed by $0.9 billion to $6.2 billion in the September 2024 quarter, according to figures released by Stats NZ today.
| Quarter | Current account balance | Goods balance | Services balance | Primary and secondary income balance |
| Sep-04 | -2289000000 | -803000000 | 806000000 | -2292000000 |
| Dec-04 | -2144000000 | -814000000 | 641000000 | -1972000000 |
| Mar-05 | -2309000000 | -761000000 | 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 | -602000000 | 573000000 | -2639000000 |
| Dec-06 | -3010000000 | -953000000 | 806000000 | -2864000000 |
| Mar-07 | -3225000000 | -1051000000 | 778000000 | -2952000000 |
| Jun-07 | -3283000000 | -1045000000 | 702000000 | -2940000000 |
| Sep-07 | -3259000000 | -770000000 | 736000000 | -3226000000 |
| Dec-07 | -2688000000 | -100000000 | 601000000 | -3189000000 |
| Mar-08 | -3191000000 | -554000000 | 632000000 | -3270000000 |
| Jun-08 | -4263000000 | -1398000000 | 503000000 | -3368000000 |
| Sep-08 | -3913000000 | -929000000 | 312000000 | -3296000000 |
| Dec-08 | -3190000000 | -120000000 | 251000000 | -3321000000 |
| Mar-09 | -1940000000 | 521000000 | 538000000 | -2999000000 |
| Jun-09 | -315000000 | 537000000 | 508000000 | -1360000000 |
| Sep-09 | 340000000 | 599000000 | 771000000 | -1030000000 |
| Dec-09 | -2437000000 | 123000000 | 662000000 | -3222000000 |
| Mar-10 | -489000000 | 774000000 | 470000000 | -1732000000 |
| Jun-10 | -891000000 | 1104000000 | 573000000 | -2568000000 |
| Sep-10 | -982000000 | 759000000 | 476000000 | -2217000000 |
| Dec-10 | -2157000000 | 296000000 | 364000000 | -2818000000 |
| Mar-11 | -1641000000 | 730000000 | 309000000 | -2681000000 |
| Jun-11 | -1252000000 | 982000000 | 176000000 | -2411000000 |
| Sep-11 | -1722000000 | 454000000 | 384000000 | -2560000000 |
| Dec-11 | -1303000000 | 701000000 | 629000000 | -2632000000 |
| Mar-12 | -2488000000 | -275000000 | 183000000 | -2396000000 |
| Jun-12 | -2236000000 | 128000000 | 298000000 | -2662000000 |
| Sep-12 | -1781000000 | 207000000 | 267000000 | -2254000000 |
| Dec-12 | -1975000000 | 27000000 | 164000000 | -2166000000 |
| Mar-13 | -1956000000 | 131000000 | 291000000 | -2378000000 |
| Jun-13 | -2153000000 | -198000000 | 316000000 | -2272000000 |
| Sep-13 | -2082000000 | -172000000 | 294000000 | -2204000000 |
| Dec-13 | -852000000 | 1573000000 | 155000000 | -2580000000 |
| Mar-14 | -765000000 | 1489000000 | 302000000 | -2556000000 |
| Jun-14 | -2176000000 | 211000000 | 258000000 | -2644000000 |
| Sep-14 | -2292000000 | -244000000 | 328000000 | -2377000000 |
| Dec-14 | -2268000000 | -369000000 | 763000000 | -2662000000 |
| Mar-15 | -1649000000 | -91000000 | 871000000 | -2429000000 |
| Jun-15 | -2133000000 | -729000000 | 1069000000 | -2474000000 |
| Sep-15 | -1325000000 | -481000000 | 1313000000 | -2156000000 |
| Dec-15 | -1707000000 | -769000000 | 1255000000 | -2193000000 |
| Mar-16 | -968000000 | -387000000 | 1402000000 | -1984000000 |
| Jun-16 | -1355000000 | -549000000 | 1229000000 | -2034000000 |
| Sep-16 | -1768000000 | -733000000 | 1298000000 | -2334000000 |
| Dec-16 | -1417000000 | -875000000 | 1383000000 | -1924000000 |
| Mar-17 | -2448000000 | -845000000 | 1181000000 | -2783000000 |
| Jun-17 | -1619000000 | -572000000 | 1493000000 | -2540000000 |
| Sep-17 | -1790000000 | -108000000 | 1362000000 | -3043000000 |
| Dec-17 | -2281000000 | -530000000 | 1343000000 | -3094000000 |
| Mar-18 | -3324000000 | -1617000000 | 1387000000 | -3094000000 |
| Jun-18 | -3422000000 | -1474000000 | 1360000000 | -3308000000 |
| Sep-18 | -2993000000 | -906000000 | 945000000 | -3032000000 |
| Dec-18 | -2942000000 | -1141000000 | 1096000000 | -2897000000 |
| Mar-19 | -2444000000 | -779000000 | 922000000 | -2587000000 |
| Jun-19 | -2702000000 | -1020000000 | 882000000 | -2565000000 |
| Sep-19 | -2303000000 | -1193000000 | 1161000000 | -2271000000 |
| Dec-19 | -1607000000 | -819000000 | 991000000 | -1780000000 |
| Mar-20 | 996000000 | -92000000 | 2906000000 | -1818000000 |
| Jun-20 | -446000000 | 1841000000 | -523000000 | -1764000000 |
| Sep-20 | -1897000000 | 679000000 | -858000000 | -1719000000 |
| Dec-20 | -2185000000 | 47000000 | -880000000 | -1352000000 |
| Mar-21 | -4439000000 | -1372000000 | -911000000 | -2156000000 |
| Jun-21 | -3528000000 | -513000000 | -679000000 | -2336000000 |
| Sep-21 | -6203000000 | -1869000000 | -1941000000 | -2393000000 |
| Dec-21 | -6892000000 | -1985000000 | -2176000000 | -2732000000 |
| Mar-22 | -7824000000 | -2807000000 | -2093000000 | -2923000000 |
| Jun-22 | -9188000000 | -3287000000 | -2497000000 | -3404000000 |
| Sep-22 | -7422000000 | -2421000000 | -1793000000 | -3208000000 |
| Dec-22 | -9332000000 | -3667000000 | -2190000000 | -3475000000 |
| Mar-23 | -7909000000 | -3927000000 | -1450000000 | -2533000000 |
| Jun-23 | -7105000000 | -2437000000 | -849000000 | -3819000000 |
| Sep-23 | -6883000000 | -3138000000 | 182000000 | -3927000000 |
| Dec-23 | -6693000000 | -2797000000 | -257000000 | -3639000000 |
| Mar-24 | -7013000000 | -2525000000 | -623000000 | -3864000000 |
| Jun-24 | -7094000000 | -2629000000 | -503000000 | -3962000000 |
| Sep-24 | -6202000000 | -1913000000 | -397000000 | -3893000000 |
Fall in goods imports drives the narrowing deficit
In the September 2024 quarter, the seasonally adjusted goods deficit narrowed by $0.7 billion to $1.9 billion, driven by a $0.8 billion fall in goods imports.
"In the September 2024 quarter, New Zealand imported fewer cars than last quarter. Also contributing to the fall was transport equipment imports with no defence aircraft imported, which were recorded in the June 2024 quarter," international accounts spokesperson Viki Ward said.
"There was a higher volume of petrol imports in this quarter."
Goods exports decreased by $0.1 billion, driven by meat and casein.
Primary income deficit narrows
In the September 2024 quarter, the primary income deficit narrowed by $120 million to $3.5 billion.
The overseas earnings of New Zealand investors increased by $236 million, while the earnings of overseas investors in New Zealand increased by $176 million.
"In the September 2024 quarter, New Zealand investors earned more dividends and interest from investments in international markets than overseas investors did from New Zealand," Ward said.
Financial account records net inflow
In the September 2024 quarter, the financial account recorded a net inflow of $2.1 billion from overseas investors, which partly funded the current account deficit.
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 September 2024, New Zealand's net international investment liability position was $208.6 billion (49.5 percent of GDP), $5.7 billion wider than $202.9 billion (48.3 percent of GDP) as at 30 June 2024.
| Quarter | Net international investment position |
| 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 | -202926000000 |
| Sep-24 | -208617000000 |
The widening of the net international investment liability position reflected New Zealand's international liabilities increasing more than its assets.
In the September 2024 quarter, we borrowed more from overseas than we acquired in overseas financial assets.
"Increases in share prices along with borrowing from and lending to overseas largely contributed to New Zealand's international liabilities reaching $613 billion, and assets reaching $405 billion, which were new highs," Ward said.
Annual current account deficit $27.0 billion
New Zealand's annual current account deficit was $27.0 billion (6.4 percent of GDP) in the year ended 30 September 2024.
This compares with a $27.6 billion deficit in the year ended 30 June 2024 (6.6 percent of GDP).
| Year ended in quarter | Annual current account balance to GDP ratio (%) |
| 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 | -7.7 |
| Mar-09 | -7.1 |
| Jun-09 | -5.0 |
| 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 | -4.0 |
| 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 | -8.1 |
| Sep-22 | -8.7 |
| Dec-22 | -9.2 |
| Mar-23 | -8.6 |
| Jun-23 | -8.0 |
| Sep-23 | -7.7 |
| Dec-23 | -6.9 |
| Mar-24 | -6.6 |
| Jun-24 | -6.6 |
| Sep-24 | -6.4 |
