Source: Statistics New Zealand
Quarterly current account deficit $6.2 billion – 18 December 2024 – 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.
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.
