WELLINGTON, Sept. 18 (Xinhua) -- New Zealand's current account deficit widened by 269 million NZ dollars to 7.2 billion NZ dollars in the June 2024 quarter, according to the statistics department Stats NZ on Wednesday.

The overseas earnings of New Zealand investors increased by 36 million NZ dollars, largely profits from overseas-owned companies, while the earnings of overseas investors in New Zealand increased by 263 million NZ dollars, Stats NZ senior manager Stuart Jones said.

"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," Jones said.

Goods imports increased more than exports in the June 2024 quarter, with the goods deficit widening by 110 million NZ dollars to 2.6 billion NZ dollars, he said, adding goods imports were led by transport equipment, including aircraft and aircraft parts, and goods exports were led by meat, aluminum, wine, and fish, among commodities.

Services exports increased in the June 2024 quarter, with services deficit narrowing by 28 million NZ dollars to 501 million NZ dollars.

New Zealand has a net liability position as it has more liabilities with the rest of the world than assets, meaning borrowing more from overseas than acquiring overseas financial assets in the second quarter, Jones said, adding New Zealand's net international investment liability position was 49.7 percent of gross domestic product (GDP) as of June 30, while the figure was 48.6 percent of GDP as of March 31.

New Zealand's annual current account deficit was 6.7 percent of GDP in the year ended June 30, 2024, which was unchanged compared with the year ended March 31, 2024, statistics showed. Enditem (1 NZ dollar equals 0.62 U.S. dollar)

Related

Go to Forum >>0 Comment(s)