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

 


Record dairy exports shrink current account deficit

Record dairy exports shrink current account deficit – Media release

19 March 2014

An increase in the value of dairy product exports has seen New Zealand record its smallest seasonally adjusted current account deficit since the March 2010 quarter, Statistics New Zealand said today.

The current account deficit was $0.8 billion in the December 2013 quarter, $1.7 billion smaller than in the September 2013 quarter.

"New Zealand exported record levels of dairy products this quarter, which drove the balance on goods and services to its highest-ever surplus" balance of payments manager Jason Attewell said.

However, an increase in New Zealand's investment income deficit partly offset the rise in goods exports. Foreign-owned companies in New Zealand earned their highest profits in four years, mostly due to higher profits earned by the corporate sector this quarter.

The annual current account deficit also fell, with increased exports of dairy products being the main contributor to this fall. The deficit fell to $7.5 billion (3.4 percent of GDP) for the year ended December 2013, down from $8.9 billion (4.1 percent of GDP) for the year ended September 2013.

The quarterly current account deficit was funded by a net inflow of foreign investment during the December 2013 quarter. Overseas investors increased their holdings of debt securities issued by New Zealand's banking sector over this time.

Despite the net inflow of foreign investment in the latest quarter, New Zealand's net international liability position fell to $147.6 billion (66.6 percent of GDP) at 31 December 2013. This compares with a net international liability position of $149.5 billion at 30 September 2013.

"Rising overseas share prices increased the value of New Zealand's overseas assets this quarter, while falling domestic share prices decreased the value of our overseas liabilities" Mr Attewell said.

ENDS

For more information about these statistics:
• Visit Balance of Payments and International Investment Position: December 2013 quarter
• Open the attached files
BalanceOfPaymentsDec13qtr.pdf
bopiipdec13qtralltables.xls

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Drones: First Certificate Issued Under New UAV Rules

Transport Minister Simon Bridges and Associate Transport Minister Craig Foss say the first certified flight of an unmanned helicopter under new aviation rules is a great example of how they can enable commercial use. More>>

ALSO:

GE Swedes And Cow Deaths: Plant Analysis Backs Up Earlier Advice

The industry body is recommending that farmers do not feed Herbicide Tolerant (HT) swedes to cows in spring when the animals are in late pregnancy or early lactation. DairyNZ is also advising caution if farmers are considering other leafy varieties. More>>

ALSO:

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news