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Source: MIL-OSI Submissions

in imports sees current account deficit widen – Media release

17 March 2021

New Zealand’s seasonally adjusted current
account deficit widened by $1.6 billion to $2.1 billion in the December
2020 quarter, Stats NZ said today.

“The widening of the quarterly deficit was
driven by a rise in goods imports and a fall in services exports, which
includes spending by overseas visitors in New Zealand,” international
statistics senior manager Darren Allan said.

“Imports of crude oil and motor cars fell
sharply early in 2020, following COVID-19 travel restrictions, but those
imports have since partially risen towards pre-COVID-19 levels.”

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