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Net Int Investment Position Remains Stab

Net International Investment Position Remains Stable

New Zealand's net international investment position (IIP) at 30 June 2002 was negative $99.7 billion, according to latest figures from Statistics New Zealand. This compares with the March 2002 net position of negative $99.3 billion. While the negative net IIP increased by $0.3 billion between March and June, the value of New Zealand's investment abroad fell by $3.1 billion, and the value of foreign investment in New Zealand fell by $2.8 billion. These changes were primarily caused by changes in share prices, foreign exchange rates and market valuations of assets and liabilities.

The total level of New Zealand investment abroad at 30 June 2002 was $77.2 billion, a $3.1 billion decrease on the $80.3 billion reported at 31 March 2002. The decrease in the level of New Zealand investment abroad was due mainly to some New Zealand companies writing down the value of direct investments abroad, along with a fall in overseas share prices. This fall in share prices affected the level of portfolio investment abroad, particularly investments by fund managers.

The 30 June 2002 total level of foreign investment in New Zealand of $176.9 billion was $2.8 billion lower than the level reported at March 2002, with valuation changes accounting for $2.5 billion of the fall. These valuation changes mainly arose from the appreciation of the New Zealand dollar against foreign currencies, particularly the United States dollar. The valuation changes affected the three main components of foreign investment in New Zealand: direct, portfolio and other investment.

At 30 June 2002, New Zealand's net international debt (financial assets less liabilities) was negative $73.8 billion, a fall of $1.4 billion compared with 31 March 2002 net debt of negative $75.3 billion. Since June 2001, net debt has ranged between negative $73.5 billion and $75.3 billion. New Zealand's net international equity position at 30 June was negative $25.8 billion, $1.7 billion larger than the 31 March 2002 net equity position of negative $24.1 billion. The net international equity position has increased at each quarter's end since the June 2001 net position of negative $20.9 billion.

Brian Pink Government Statistician

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