"The December balance of payments figures are consistent with a strong export performance and good corporate profits in New Zealand," Finance Minister Michael Cullen said today.

"The goods surplus rose $320 million over the quarter reflecting an $802 million increase in exports against a much more modest $482 million increase in imports.

"However this was off-set by an increase in the net investment income deficit.

"The result looks bad on the BoP figure but actually reflects the fact that New Zealand is still in recovery mode while other economies are beginning to slow down.

"Overseas investors income from their New Zealand investments rose $374 million while New Zealand investors income from their overseas investments dropped $134 million - reflecting the relative strength of the New Zealand economy, particularly against Australia," Dr Cullen said.

He welcomed the drop in the annual current account deficit but noted that most of the $1,016 million improvement was due to the Te Mana frigate dropping out of the data.

Ends

© Scoop Media

Gordon Campbell: On the Sony cyber attack

Given the layers of meta-irony involved, the saga of the Sony cyber attack seemed at the outset more like a snarky European art film than a popcorn entry at the multiplex.

Yet now with (a) President Barack Obama weighing in on the side of artistic freedom and calling for the US to make a ‘proportionate response’quickly followed by (b) North Korea’s entire Internet service going down, and with both these events being followed by (c) Sony deciding to backtrack and release The Interview film that had made it a target for the dastardly North Koreans in the first place, then ay caramba…the whole world will now be watching how this affair pans out. More>>