New Zealand's seasonally adjusted current account deficit was $3.8 billion in the June 2026 quarter, $666 million narrower than in the March 2026 quarter, according to figures released by Stats NZ today.
A $712 million narrowing in the primary income balance deficit was the main contributor to the narrowing of New Zealand's current account deficit in the June 2026 quarter.
"The primary income deficit is the difference between the income New Zealand earns from its investments overseas and the outflow of income from foreign investment in New Zealand," international accounts spokesperson Shanna Dilworth said.
The goods deficit balance widened by $416 million in the June 2026 quarter. The services balance changed by $300 million from a deficit in the March 2026 quarter to a surplus in the June 2026 quarter.
| Quarter | Current account balance | Goods balance | Services balance | Primary and secondary income balance |
| Jun-06 | -2719000000 | -892000000 | 671000000 | -2498000000 |
| Sep-06 | -2667000000 | -602000000 | 573000000 | -2639000000 |
| Dec-06 | -3009000000 | -953000000 | 807000000 | -2864000000 |
| Mar-07 | -3224000000 | -1051000000 | 779000000 | -2952000000 |
| Jun-07 | -3285000000 | -1045000000 | 700000000 | -2940000000 |
| Sep-07 | -3259000000 | -770000000 | 737000000 | -3226000000 |
| Dec-07 | -2687000000 | -100000000 | 602000000 | -3189000000 |
| Mar-08 | -3189000000 | -554000000 | 634000000 | -3270000000 |
| Jun-08 | -4267000000 | -1398000000 | 499000000 | -3368000000 |
| Sep-08 | -3913000000 | -929000000 | 312000000 | -3296000000 |
| Dec-08 | -3191000000 | -120000000 | 250000000 | -3321000000 |
| Mar-09 | -1935000000 | 521000000 | 543000000 | -2999000000 |
| Jun-09 | -319000000 | 537000000 | 504000000 | -1360000000 |
| Sep-09 | 339000000 | 599000000 | 770000000 | -1030000000 |
| Dec-09 | -2441000000 | 123000000 | 657000000 | -3222000000 |
| Mar-10 | -481000000 | 773000000 | 478000000 | -1732000000 |
| Jun-10 | -894000000 | 1104000000 | 570000000 | -2568000000 |
| Sep-10 | -982000000 | 759000000 | 475000000 | -2217000000 |
| Dec-10 | -2170000000 | 296000000 | 351000000 | -2818000000 |
| Mar-11 | -1630000000 | 730000000 | 321000000 | -2681000000 |
| Jun-11 | -1247000000 | 982000000 | 182000000 | -2411000000 |
| Sep-11 | -1723000000 | 455000000 | 382000000 | -2560000000 |
| Dec-11 | -1333000000 | 702000000 | 598000000 | -2632000000 |
| Mar-12 | -2473000000 | -276000000 | 199000000 | -2396000000 |
| Jun-12 | -2217000000 | 128000000 | 318000000 | -2662000000 |
| Sep-12 | -1774000000 | 207000000 | 274000000 | -2254000000 |
| Dec-12 | -2033000000 | 29000000 | 105000000 | -2166000000 |
| Mar-13 | -1934000000 | 129000000 | 315000000 | -2378000000 |
| Jun-13 | -2112000000 | -197000000 | 357000000 | -2272000000 |
| Sep-13 | -2064000000 | -172000000 | 312000000 | -2204000000 |
| Dec-13 | -954000000 | 1575000000 | 51000000 | -2580000000 |
| Mar-14 | -818000000 | 1486000000 | 252000000 | -2556000000 |
| Jun-14 | -2266000000 | 205000000 | 173000000 | -2644000000 |
| Sep-14 | -2395000000 | -279000000 | 261000000 | -2377000000 |
| Dec-14 | -2587000000 | -411000000 | 486000000 | -2662000000 |
| Mar-15 | -1987000000 | -116000000 | 558000000 | -2429000000 |
| Jun-15 | -2472000000 | -758000000 | 760000000 | -2474000000 |
| Sep-15 | -1706000000 | -500000000 | 950000000 | -2156000000 |
| Dec-15 | -1757000000 | -786000000 | 1221000000 | -2193000000 |
| Mar-16 | -1044000000 | -432000000 | 1372000000 | -1984000000 |
| Jun-16 | -1363000000 | -573000000 | 1244000000 | -2034000000 |
| Sep-16 | -1741000000 | -746000000 | 1338000000 | -2334000000 |
| Dec-16 | -1395000000 | -885000000 | 1414000000 | -1924000000 |
| Mar-17 | -2694000000 | -861000000 | 950000000 | -2783000000 |
| Jun-17 | -1779000000 | -599000000 | 1360000000 | -2540000000 |
| Sep-17 | -1947000000 | -110000000 | 1206000000 | -3043000000 |
| Dec-17 | -2363000000 | -539000000 | 1270000000 | -3094000000 |
| Mar-18 | -3471000000 | -1637000000 | 1260000000 | -3094000000 |
| Jun-18 | -3783000000 | -1512000000 | 1037000000 | -3308000000 |
| Sep-18 | -2973000000 | -908000000 | 960000000 | -3025000000 |
| Dec-18 | -2850000000 | -1149000000 | 1190000000 | -2892000000 |
| Mar-19 | -2551000000 | -798000000 | 828000000 | -2581000000 |
| Jun-19 | -3036000000 | -1097000000 | 621000000 | -2560000000 |
| Sep-19 | -2378000000 | -1204000000 | 1098000000 | -2272000000 |
| Dec-19 | -1580000000 | -748000000 | 947000000 | -1779000000 |
| Mar-20 | -1515000000 | -72000000 | 357000000 | -1801000000 |
| Jun-20 | -354000000 | 1878000000 | -484000000 | -1748000000 |
| Sep-20 | -1146000000 | 832000000 | -281000000 | -1696000000 |
| Dec-20 | -2211000000 | 209000000 | -1092000000 | -1327000000 |
| Mar-21 | -5261000000 | -1226000000 | -1913000000 | -2123000000 |
| Jun-21 | -3212000000 | -360000000 | -640000000 | -2213000000 |
| Sep-21 | -5295000000 | -1588000000 | -1386000000 | -2321000000 |
| Dec-21 | -6758000000 | -1687000000 | -2384000000 | -2687000000 |
| Mar-22 | -8714000000 | -2537000000 | -3282000000 | -2895000000 |
| Jun-22 | -8966000000 | -3024000000 | -2526000000 | -3416000000 |
| Sep-22 | -7048000000 | -2099000000 | -1800000000 | -3149000000 |
| Dec-22 | -8690000000 | -3286000000 | -2057000000 | -3347000000 |
| Mar-23 | -7274000000 | -3459000000 | -1318000000 | -2497000000 |
| Jun-23 | -5941000000 | -2016000000 | -736000000 | -3189000000 |
| Sep-23 | -6152000000 | -2713000000 | 64000000 | -3503000000 |
| Dec-23 | -5549000000 | -2219000000 | -359000000 | -2970000000 |
| Mar-24 | -5672000000 | -1932000000 | -701000000 | -3039000000 |
| Jun-24 | -5801000000 | -1698000000 | -560000000 | -3542000000 |
| Sep-24 | -5172000000 | -1091000000 | -567000000 | -3514000000 |
| Dec-24 | -4332000000 | -756000000 | -99000000 | -3477000000 |
| Mar-25 | -3894000000 | 440000000 | -434000000 | -3900000000 |
| Jun-25 | -2639000000 | 98000000 | -542000000 | -2195000000 |
| Sep-25 | -2638000000 | -421000000 | 229000000 | -2446000000 |
| Dec-25 | -4148000000 | -641000000 | -12000000 | -3495000000 |
| Mar-26 | -4436000000 | -1081000000 | -117000000 | -3238000000 |
| Jun-26 | -3770000000 | -1496000000 | 183000000 | -2457000000 |
Primary income deficit narrows
In the June 2026 quarter, the primary income deficit was $2.3 billion, compared with $3.1 billion in the March 2026 quarter.
New Zealand's investors earnings from their overseas investments rose $1.1 billion to $5.3 billion in the June 2026 quarter. This was mainly due to an increase in dividends earned from overseas share portfolios.
Foreign investors earnings from investments in New Zealand rose $302 million to $7.4 billion.
"Profits earned from foreign investors ownership of shares in New Zealand businesses increased in the June 2026 quarter," Dilworth said.
Goods balance widens, driven by higher fuel prices
The seasonally adjusted goods deficit was $1.5 billion in the June 2026 quarter, following a deficit of $1.1 billion in the March 2026 quarter.
Goods imports increased $1.8 billion (8.2 percent) to $24.1 billion, led by a rise in petroleum and petroleum products. Higher prices for diesel, petrol, and jet fuel all contributed to the increase in the value of petroleum and petroleum products imports in the June 2026 quarter.
Selected price indexes: July 2026 has more information on fuel price movements.
Reduced-emission motor vehicle imports (including fully electric vehicles, hybrids, and plug-in hybrids) also increased in the June 2026 quarter.
Goods exports increased $1.4 billion (6.6 percent) to $22.6 billion in the June 2026 quarter, led by rises in the value of dairy and meat.
Services balance in surplus
In the June 2026 quarter, the seasonally adjusted services balance was a surplus of $183 million, compared with a deficit of $117 million in the March 2026 quarter.
Services exports increased by $193 million to $9.4 billion, while services imports fell by $107 million to $9.2 billion.
International investment position and financial account
New Zealand's net international liability position was $178.3 billion at 30 June 2026, $13.5 billion lower than $191.7 billion at 31 March 2026.
In the June 2026 quarter, the value of New Zealand's international assets increased by $28.6 billion to $523.3 billion. This was mainly due to positive price changes in international share markets.
New Zealand's liabilities with the rest of the world rose by $15.1 billion to $701.5 billion. Contributing to the rise was an increase in foreign investment in New Zealand companies, and positive price changes in domestic shares.
Annual current account deficit $14.6 billion
New Zealand's annual current account deficit was $14.6 billion (3.2 percent of gross domestic product (GDP)) in the year ended 30 June 2026.
This compares with a $13.7 billion deficit in the year ended 31 March 2026 (3.0 percent of GDP).
| Year ended in quarter | Annual current account balance to GDP ratio (%) |
| 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 | -2.6 |
| Jun-14 | -2.5 |
| Sep-14 | -2.7 |
| Dec-14 | -3.3 |
| Mar-15 | -3.7 |
| Jun-15 | -3.8 |
| Sep-15 | -3.6 |
| Dec-15 | -3.2 |
| Mar-16 | -2.7 |
| Jun-16 | -2.3 |
| Sep-16 | -2.3 |
| Dec-16 | -2.1 |
| Mar-17 | -2.6 |
| Jun-17 | -2.7 |
| Sep-17 | -2.8 |
| Dec-17 | -3.1 |
| Mar-18 | -3.3 |
| Jun-18 | -3.8 |
| Sep-18 | -4.2 |
| Dec-18 | -4.4 |
| Mar-19 | -4.0 |
| Jun-19 | -3.6 |
| Sep-19 | -3.4 |
| Dec-19 | -3.0 |
| Mar-20 | -2.7 |
| Jun-20 | -1.8 |
| Sep-20 | -1.2 |
| Dec-20 | -1.4 |
| Mar-21 | -2.8 |
| Jun-21 | -3.4 |
| Sep-21 | -4.7 |
| Dec-21 | -6.0 |
| Mar-22 | -6.8 |
| Jun-22 | -8.1 |
| Sep-22 | -8.6 |
| Dec-22 | -8.9 |
| Mar-23 | -8.1 |
| Jun-23 | -7.3 |
| Sep-23 | -6.9 |
| Dec-23 | -6.0 |
| Mar-24 | -5.6 |
| Jun-24 | -5.5 |
| Sep-24 | -5.3 |
| Dec-24 | -4.9 |
| Mar-25 | -4.4 |
| Jun-25 | -3.6 |
| Sep-25 | -3.1 |
| Dec-25 | -3.0 |
| Mar-26 | -3.0 |
| Jun-26 | -3.2 |
