Balance of payments records the value of the country’s transactions with the rest of the world. It shows changes in financial claims on, and liabilities to, the rest of the world. International investment position is a snapshot of the country’s financial assets and liabilities.
Key facts
Figures compare September 2024 quarter with June 2024 quarter (unless otherwise stated).
- New Zealand’s seasonally adjusted current account deficit narrowed by $892 million to $6.2 billion.
- The current account deficit for the year ended 30 September 2024 was $27.0 billion (6.4 percent of gross domestic product (GDP)).
As at 30 September 2024:
- New Zealand’s net international investment liability position was $208.6 billion, compared with $202.9 billion at 30 June 2024.
In the September 2024 quarter, the:
- seasonally adjusted goods deficit narrowed to $1.9 billion
- seasonally adjusted services deficit narrowed to $397 million
- primary income deficit narrowed to $3.5 billion
- financial account recorded a net inflow of $2.1 billion.
Current account
New Zealand’s seasonally adjusted current account balance was a $6.2 billion deficit in the September 2024 quarter, $892 million narrower than the June 2024 quarter deficit.
The narrowing of the seasonally adjusted current account deficit was due to:
- $716 million narrowing of the goods deficit
- $120 million narrowing of the primary income deficit
- $107 million narrowing of the services deficit.
There was a $51 million widening of the secondary income deficit.
| Component | Change |
| Seasonally adjusted goods balance | 716000000 |
| Seasonally adjusted services balance | 107000000 |
| Primary income balance | 120000000 |
| Secondary income balance | -51000000 |
The annual current account deficit in the year ended 30 September 2024 was $27.0 billion (6.4 percent of GDP).
| Year ended in quarter | Current account balance |
| Sep-04 | -5755000000 |
| Dec-04 | -7029000000 |
| Mar-05 | -7943000000 |
| Jun-05 | -9538000000 |
| Sep-05 | -10512000000 |
| Dec-05 | -11485000000 |
| Mar-06 | -12738000000 |
| Jun-06 | -12460000000 |
| Sep-06 | -12180000000 |
| Dec-06 | -12147000000 |
| Mar-07 | -11616000000 |
| Jun-07 | -12138000000 |
| Sep-07 | -12800000000 |
| Dec-07 | -12555000000 |
| Mar-08 | -12398000000 |
| Jun-08 | -13201000000 |
| Sep-08 | -14116000000 |
| Dec-08 | -14706000000 |
| Mar-09 | -13459000000 |
| Jun-09 | -9567000000 |
| Sep-09 | -5049000000 |
| Dec-09 | -4177000000 |
| Mar-10 | -2832000000 |
| Jun-10 | -3363000000 |
| Sep-10 | -4827000000 |
| Dec-10 | -4613000000 |
| Mar-11 | -5615000000 |
| Jun-11 | -5825000000 |
| Sep-11 | -6765000000 |
| Dec-11 | -5904000000 |
| Mar-12 | -6699000000 |
| Jun-12 | -7700000000 |
| Sep-12 | -7856000000 |
| Dec-12 | -8494000000 |
| Mar-13 | -7948000000 |
| Jun-13 | -7847000000 |
| Sep-13 | -8369000000 |
| Dec-13 | -7232000000 |
| Mar-14 | -5864000000 |
| Jun-14 | -5738000000 |
| Sep-14 | -6078000000 |
| Dec-14 | -7542000000 |
| Mar-15 | -8144000000 |
| Jun-15 | -8197000000 |
| Sep-15 | -7644000000 |
| Dec-15 | -7102000000 |
| Mar-16 | -6209000000 |
| Jun-16 | -5402000000 |
| Sep-16 | -5779000000 |
| Dec-16 | -5479000000 |
| Mar-17 | -6857000000 |
| Jun-17 | -7010000000 |
| Sep-17 | -7283000000 |
| Dec-17 | -8220000000 |
| Mar-18 | -8910000000 |
| Jun-18 | -10524000000 |
| Sep-18 | -12077000000 |
| Dec-18 | -12822000000 |
| Mar-19 | -11931000000 |
| Jun-19 | -11004000000 |
| Sep-19 | -10425000000 |
| Dec-19 | -9151000000 |
| Mar-20 | -7770000000 |
| Jun-20 | -5185000000 |
| Sep-20 | -3132000000 |
| Dec-20 | -3466000000 |
| Mar-21 | -8906000000 |
| Jun-21 | -11596000000 |
| Sep-21 | -16344000000 |
| Dec-21 | -21272000000 |
| Mar-22 | -24464000000 |
| Jun-22 | -29731000000 |
| Sep-22 | -32761000000 |
| Dec-22 | -35645000000 |
| Mar-23 | -33797000000 |
| Jun-23 | -31919000000 |
| Sep-23 | -31343000000 |
| Dec-23 | -28607000000 |
| Mar-24 | -27619000000 |
| Jun-24 | -27636000000 |
| Sep-24 | -26994000000 |
| 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 |
Goods and services
In the September 2024 quarter, the seasonally adjusted goods deficit narrowed by $716 million to $1.9 billion.
Goods imports decreased by $817 million to $19.5 billion, after higher imports in the June 2024 quarter – led by transport equipment, including aircraft.
Fewer passenger motor cars were imported in the September 2024 quarter. There was a higher volume of petrol imports.
Goods exports decreased by $101 million to $17.6 billion, led by meat and casein.
The services deficit narrowed by $107 million to $397 million. Services exports increased by $225 million, while services imports increased by $119 million.
Goods imports and exports figures are sourced from Overseas Merchandise Trade statistics, which are then adjusted for timing, valuation, classification, and coverage changes to meet Balance of Payments reporting requirements.
This quarter, timing adjustments were made for imports of large capital items, including aircraft. These goods changed ownership previously but entered New Zealand in the September 2024 quarter.
Primary and secondary income
Primary income inflows and outflows between New Zealand and the rest of the world represent income earned from investments and compensation of employees.
The primary income deficit was $3.5 billion in the September 2024 quarter, $120 million narrower than the previous quarter.
Income from New Zealand investment abroad increased by $236 million from the previous quarter to $3.5 billion in the September 2024 quarter, led by a $449 million increase in portfolio investment income.
The increase in income from New Zealand investment abroad was offset by:
- $172 million decrease in direct investment income
- $41 million decrease in other investment income
- $1 million decrease in reserve assets income.
Income earned on foreign investment in New Zealand increased $176 million to $6.9 billion. This was due to:
- $116 million increase in direct investment income
- $114 million increase in portfolio investment income.
The increase in income earned on foreign investment in New Zealand was offset by a $54 million decrease in other investment income.
In the September 2024 quarter, the secondary income deficit widened by $51 million to $349 million.
Seasonal adjustment
COVID-19 has disrupted seasonal patterns of economic activity and Stats NZ has adopted measures to manage this, including using additive outlier treatment.
We are making improvements to the treatment of COVID-affected periods. From the September 2024 quarter onwards, a new methodology will be applied to improve the accuracy and utility of our seasonally adjusted series.
Improvements to gross domestic product September 2024 quarter provides more details about the new methodology and its impact on related Stats NZ releases.
Financial account balance
In the September 2024 quarter, the financial account recorded a net investment inflow of $2.1 billion. This was made up of a $6.1 billion net inflow of foreign investment in New Zealand and a $4.0 billion net outflow of New Zealand investment abroad.
| Component | Assets | Liabilities |
| Direct investment | 1187000000 | -2438000000 |
| Portfolio investment | 5621000000 | 12067000000 |
| Financial derivatives | -3057000000 | -2032000000 |
| Other investment | -2942000000 | -1537000000 |
| Reserve assets | 3176000000 | 0 |
New Zealand investment abroad
New Zealand investment abroad recorded a $4.0 billion net investment outflow in the September 2024 quarter, as New Zealanders increased assets held with the rest of the world.
The net investment outflow was driven by outflows of:
- $5.6 billion in portfolio investment
- $3.2 billion in reserve assets
- $1.2 billion in direct investment.
The investment outflows were partly offset by:
- $3.1 billion receipts from the settlement of financial derivative assets
- $2.9 billion inflow in other investment.
Foreign investment in New Zealand
Foreign investment in New Zealand recorded a $6.1 billion net investment inflow in the September 2024 quarter, as New Zealand increased its liabilities with the rest of the world.
The net investment inflow was driven by a $12.1 billion inflow in portfolio investment.
The net investment inflow was partly offset by outflows of:
- $2.4 billion in direct investment
- $2.0 billion payments for settlements of financial derivatives liabilities
- $1.5 billion in other investment.
International investment position
The net international investment position represents the difference between New Zealand’s assets and liabilities with the rest of the world.
At 30 September 2024, New Zealand’s international assets were $404.6 billion, $17.0 billion more than at 30 June 2024. International liabilities were $613.2 billion, $22.7 billion more than at 30 June 2024.
The difference between the international liabilities and assets resulted in a net international investment liability position of $208.6 billion (49.5 percent of GDP), $5.7 billion wider than at 30 June 2024 (48.3 percent of GDP).
| 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 increase in New Zealand’s international assets was due to:
- $4.0 billion net outflow from financial account assets transactions
- $2.9 billion decrease due to exchange rate changes
- $10.2 billion increase due to financial derivative valuation changes
- $4.2 billion increase due to market price changes
- $1.5 billion increase due to other valuation changes.
The increase in New Zealand’s international liabilities was due to:
- $6.1 billion net inflow from financial account liabilities transactions
- $2.8 billion decrease due to exchange rate changes
- $7.9 billion increase due to financial derivative valuation changes
- $9.6 billion increase due to market price changes
- $1.9 billion increase due to other valuation changes.
Net external debt
Net external debt (international assets and liabilities, excluding equity and financial derivatives) widened by $14.1 billion during the September 2024 quarter, to reach $218.8 billion (51.9 percent of GDP) at 30 September 2024.
The widening of net external debt was a result of external debt increasing $14.7 billion and external lending increasing $622 million.
| Year ended in quarter | Net international investment liability position (%) | Net external debt (%) |
| Sep-04 | 70.5 | 61.8 |
| Dec-04 | 72.9 | 65.3 |
| Mar-05 | 71.7 | 64.9 |
| Jun-05 | 71.1 | 64.9 |
| Sep-05 | 73.5 | 67.6 |
| Dec-05 | 75.0 | 70.8 |
| Mar-06 | 72.6 | 71.7 |
| Jun-06 | 72.3 | 71.6 |
| Sep-06 | 75.1 | 74.4 |
| Dec-06 | 77.3 | 74.7 |
| Mar-07 | 75.4 | 74.3 |
| Jun-07 | 76.1 | 75.0 |
| Sep-07 | 75.8 | 76.6 |
| Dec-07 | 74.2 | 74.9 |
| Mar-08 | 74.1 | 75.3 |
| Jun-08 | 75.5 | 79.3 |
| Sep-08 | 80.4 | 83.6 |
| Dec-08 | 82.0 | 83.9 |
| Mar-09 | 84.1 | 83.7 |
| Jun-09 | 82.5 | 81.9 |
| Sep-09 | 81.8 | 81.3 |
| Dec-09 | 80.0 | 80.6 |
| Mar-10 | 78.3 | 79.8 |
| Jun-10 | 78.3 | 80.3 |
| Sep-10 | 73.3 | 75.5 |
| Dec-10 | 70.7 | 74.7 |
| Mar-11 | 61.9 | 66.4 |
| Jun-11 | 63.3 | 65.1 |
| Sep-11 | 67.4 | 68.4 |
| Dec-11 | 67.7 | 67.9 |
| Mar-12 | 66.8 | 66.1 |
| Jun-12 | 67.5 | 66.6 |
| Sep-12 | 67.6 | 66.3 |
| Dec-12 | 69.1 | 67.5 |
| Mar-13 | 67.7 | 65.5 |
| Jun-13 | 67.9 | 65.0 |
| Sep-13 | 66.1 | 62.7 |
| Dec-13 | 63.5 | 61.1 |
| Mar-14 | 64.7 | 58.8 |
| Jun-14 | 63.5 | 58.8 |
| Sep-14 | 63.2 | 58.4 |
| Dec-14 | 64.1 | 58.3 |
| Mar-15 | 61.9 | 56.9 |
| Jun-15 | 59.0 | 56.2 |
| Sep-15 | 60.5 | 55.6 |
| Dec-15 | 59.5 | 54.5 |
| Mar-16 | 60.9 | 55.1 |
| Jun-16 | 61.8 | 54.5 |
| Sep-16 | 62.8 | 57.5 |
| Dec-16 | 57.5 | 53.9 |
| Mar-17 | 54.6 | 53.1 |
| Jun-17 | 54.4 | 52.6 |
| Sep-17 | 53.4 | 52.7 |
| Dec-17 | 52.5 | 51.9 |
| Mar-18 | 51.8 | 51.1 |
| Jun-18 | 52.9 | 51.8 |
| Sep-18 | 53.0 | 51.8 |
| Dec-18 | 56.8 | 51.6 |
| Mar-19 | 54.4 | 49.9 |
| Jun-19 | 54.9 | 49.8 |
| Sep-19 | 55.6 | 50.2 |
| Dec-19 | 54.5 | 48.8 |
| Mar-20 | 56.5 | 45.1 |
| Jun-20 | 57.6 | 46.7 |
| Sep-20 | 56.6 | 48.5 |
| Dec-20 | 56.8 | 49.2 |
| Mar-21 | 51.9 | 49.1 |
| Jun-21 | 46.9 | 47.5 |
| Sep-21 | 49.3 | 49.0 |
| Dec-21 | 47.9 | 50.8 |
| Mar-22 | 46.8 | 48.6 |
| Jun-22 | 51.8 | 51.1 |
| Sep-22 | 53.2 | 51.1 |
| Dec-22 | 52.5 | 49.0 |
| Mar-23 | 49.0 | 47.0 |
| Jun-23 | 49.4 | 48.0 |
| Sep-23 | 49.1 | 46.9 |
| Dec-23 | 51.4 | 49.5 |
| Mar-24 | 47.7 | 48.5 |
| Jun-24 | 48.3 | 48.7 |
| Sep-24 | 49.5 | 51.9 |
More data
Use Infoshare for balance of payments time series:
Subject category: Economic indicators
Group: Balance of payments – BOP
Group: International investment position – IIP
Definitions and metadata
Balance of payments – DataInfo+ details the general methodology used to produce balance of payments statistics.
Balance of payments concepts – DataInfo+ provides the definitions of terms used in this release.
Technical enquiries
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ISSN 1178-0215
Next release
Balance of payments and international investment position: December 2024 quarter will be released on 19 March 2025.
