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New Zealand's Current Account Deficit Widens in March Quarter

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New Zealand's current account deficit widened to NZ$4.55 billion in the March quarter, from NZ$4.45 billion in the previous quarter, Stats NZ data showed on Wednesday.

The current account deficit widened mainly due to a NZ$323 million increase in the goods deficit, which was partly offset by a NZ$33 million services surplus and a NZ$219 million narrowing of the primary income deficit.

The seasonally adjusted goods deficit widened to NZ$1.1 billion in the March quarter, up from NZ$757 million in the previous quarter, while the seasonally adjusted services balance recorded a surplus of NZ$33 million, down from NZ$48 million in the prior quarter.

The goods exports in the March quarter rose NZ$356 million to NZ$21 billion, led by rises in fruit and meat, while goods imports rose NZ$680 million to NZ$22.1 billion, driven by increases in mechanical and machinery equipment.

"The conflict in the Middle East started towards the end of the March quarter and had a minimal impact on fuel imports," said Jason Attewell, general manager and macroeconomic spokesperson.

The services exports rose NZ$321 million to NZ$9.4 billion, led by travel services, while services imports increased NZ$336 million to NZ$9.4 billion.

The current account deficit for the year ended March widened to NZ$16.3 billion, representing 3.6% of gross domestic product, compared with a NZ$16 billion deficit in the year ended December 2025.

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