Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Downward Trend in Balance of Payments Deficit

Balance of Payments and International Investment Position: June 2001 quarter


Downward Trend in Balance of Payments Deficit Continues

The June 2001 quarter's Balance of Payments deficit was $297 million, according to latest figures from Statistics New Zealand. This is the lowest June quarter figure since 1993. The trend estimate has now shown a pattern of falling current account deficits for the past six quarters, bringing the country's payments more into line with its receipts.

The June 2001 quarter's current account has been affected by three main factors. The first major influence is the goods surplus increase of $675 million from the March 2001 quarter to reach $1,792 million in the June 2001 quarter. This increase is being driven by exports of goods increasing more than imports, with export values being pushed higher by earnings from dairy and meat products.

The second factor is the recent stability of the income deficit at around the $2 billion level. The third influence is a reducing services deficit, driven by New Zealanders spending less on overseas holidays and by increased earnings from growing tourist numbers.

The financial account in the June 2001 quarter has recorded a net outflow from New Zealand of $342 million. This is mainly due to New Zealand fund managers and other New Zealand financial institutions increasing investment in foreign portfolio assets, with $1.1 billion invested during the quarter in equities.

New Zealand's balance sheet with the rest of the world recorded a net International Investment Position of negative $87.6 billion at June 2001, an increase of $3.2 billion on the March 2001 position. This increase is largely the result of revaluation changes that occurred in New Zealand's international assets and liabilities and a $4.4 billion decrease in New Zealand's international financial derivative assets.

Brian Pink Government Statistician END


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Voluntary Administration: Renaissance Brewing Up For Sale

Renaissance Brewing, the first local company to raise capital through equity crowdfunding, is up for sale after cash flow woes and product management issues led to the appointment of voluntary administrators. More>>

Elsewhere:

Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:

Media Mega Merger: Full Steam Ahead For Appeal

New Zealand's two largest news publishers have confirmed they are committed to pursuing their appeal against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>