Balance of payments records the value of the country's transactions with the rest of the world. It shows changes in financial claims on, and liabilities to, the rest of the world. International investment position is a snapshot of the country's financial assets and liabilities.
Key facts
Figures compare the September 2025 quarter with the June 2025 quarter (unless otherwise stated).
- New Zealand's seasonally adjusted current account deficit was $3.8 billion.
- The current account deficit for the year ended September 2025 narrowed to $15.4 billion (3.5 percent of gross domestic product (GDP)) compared with a $21.9 billion deficit for the September 2024 year (5.2 percent of GDP).
At 30 September 2025:
- New Zealand's net international liability position narrowed to $202.5 billion, compared with $209.5 billion at 30 June 2025.
In the September 2025 quarter, the:
- seasonally adjusted goods deficit widened to $489 million
- seasonally adjusted services deficit narrowed to $148 million
- primary income deficit widened to $3.0 billion
- financial account recorded a net inflow of $4.7 billion.
Current account
New Zealand's seasonally adjusted current account balance was a $3.8 billion deficit in the September 2025 quarter, $153 million wider than the June 2025 quarter deficit.
The widening of the seasonally adjusted current account deficit was due to:
- $435 million widening of the primary income balance deficit
- $414 million widening of the goods deficit
- $486 million narrowing of the services deficit
- $209 million narrowing of the secondary income deficit.
| Component | Change |
| Seasonally adjusted goods balance | -414000000 |
| Seasonally adjusted services balance | 486000000 |
| Primary income balance | -435000000 |
| Secondary income balance | 209000000 |
The annual current account deficit in the year ended 30 September 2025 was $15.4 billion (3.5 percent of GDP).
| Year ended in quarter | Current account balance |
| Sep-05 | -10512000000 |
| Dec-05 | -11485000000 |
| Mar-06 | -12738000000 |
| Jun-06 | -12460000000 |
| Sep-06 | -12180000000 |
| Dec-06 | -12147000000 |
| Mar-07 | -11616000000 |
| Jun-07 | -12138000000 |
| Sep-07 | -12800000000 |
| Dec-07 | -12555000000 |
| Mar-08 | -12398000000 |
| Jun-08 | -13201000000 |
| Sep-08 | -14116000000 |
| Dec-08 | -14706000000 |
| Mar-09 | -13459000000 |
| Jun-09 | -9567000000 |
| Sep-09 | -5049000000 |
| Dec-09 | -4177000000 |
| Mar-10 | -2832000000 |
| Jun-10 | -3363000000 |
| Sep-10 | -4827000000 |
| Dec-10 | -4613000000 |
| Mar-11 | -5615000000 |
| Jun-11 | -5825000000 |
| Sep-11 | -6765000000 |
| Dec-11 | -5904000000 |
| Mar-12 | -6699000000 |
| Jun-12 | -7700000000 |
| Sep-12 | -7856000000 |
| Dec-12 | -8494000000 |
| Mar-13 | -7948000000 |
| Jun-13 | -7847000000 |
| Sep-13 | -8369000000 |
| Dec-13 | -7232000000 |
| Mar-14 | -5864000000 |
| Jun-14 | -5738000000 |
| Sep-14 | -6078000000 |
| Dec-14 | -7542000000 |
| Mar-15 | -8144000000 |
| Jun-15 | -8197000000 |
| Sep-15 | -7644000000 |
| Dec-15 | -7102000000 |
| Mar-16 | -6209000000 |
| Jun-16 | -5402000000 |
| Sep-16 | -5810000000 |
| Dec-16 | -5541000000 |
| Mar-17 | -6950000000 |
| Jun-17 | -7135000000 |
| Sep-17 | -7444000000 |
| Dec-17 | -8415000000 |
| Mar-18 | -9136000000 |
| Jun-18 | -10778000000 |
| Sep-18 | -12305000000 |
| Dec-18 | -13029000000 |
| Mar-19 | -12129000000 |
| Jun-19 | -11208000000 |
| Sep-19 | -10626000000 |
| Dec-19 | -9286000000 |
| Mar-20 | -7845000000 |
| Jun-20 | -5162000000 |
| Sep-20 | -2977000000 |
| Dec-20 | -3214000000 |
| Mar-21 | -8508000000 |
| Jun-21 | -10978000000 |
| Sep-21 | -15595000000 |
| Dec-21 | -20414000000 |
| Mar-22 | -23621000000 |
| Jun-22 | -29038000000 |
| Sep-22 | -31989000000 |
| Dec-22 | -34769000000 |
| Mar-23 | -32650000000 |
| Jun-23 | -30059000000 |
| Sep-23 | -29158000000 |
| Dec-23 | -25813000000 |
| Mar-24 | -23798000000 |
| Jun-24 | -23257000000 |
| Sep-24 | -21943000000 |
| Dec-24 | -19993000000 |
| Mar-25 | -18313000000 |
| Jun-25 | -16283000000 |
| Sep-25 | -15370000000 |
Goods and services
In the September 2025 quarter, seasonally adjusted goods exports increased by $388 million while imports increased by $801 million. This resulted in a widening of the goods deficit by $414 million, to $489 million.
The increase in goods exported was led by milk powder, butter, and cheese followed by fruit, then meat and edible offal. The increase in imports was led by passenger motor cars, and machinery and plants.
The seasonally adjusted services balance for the September 2025 quarter was a deficit of $148 million. This was a narrowing of $486 million from the June 2025 quarter deficit of $634 million.
Services exports increased by $434 million to $8.5 billion, led by travel exports. Services imports decreased by $52 million to $8.6 billion.
Primary and secondary income
Primary income flows between New Zealand and the rest of the world represent income earned from investments and compensation of employees.
The primary income deficit was $3.0 billion in the September 2025 quarter, $435 million wider than the previous quarter. This was due to:
- $293 million decrease in income earned from New Zealand's investment abroad
- $200 million increase in income earned by foreign investment in New Zealand.
Income earned from New Zealand's investment abroad decreased $293 million from the previous quarter to $4.7 billion in the September 2025 quarter. This was due to:
- $230 million decrease in direct investment income
- $51 million decrease in portfolio investment income
- $14 million decrease in reserve assets
- $1 million increase in other investment income.
Income earned by foreign investment in New Zealand increased $200 million to $7.5 billion in the September 2025 quarter. This was driven by:
- $429 million increase in income earned on portfolio investment
- $223 million decrease in income earned on direct investment
- $5 million decrease in income earned on other investment.
Secondary income records the provision of goods, services, or financial instruments between New Zealand and the rest of the world without an equivalent economic value received in return. This includes foreign aid, remittances, and taxes on income and wealth in or out of New Zealand.
The secondary income deficit narrowed by $209 million to $149 million in the September 2025 quarter.
Financial account balance
The financial account records transactions in financial assets and liabilities between residents and non-residents. It measures transactions that increase or decrease New Zealand investment abroad and foreign investment in New Zealand.
The financial account recorded a net investment inflow of $4.7 billion in the September 2025 quarter, which partly funded the current account deficit. This was made up of a $47 million net outflow of New Zealand's investment abroad and a $4.8 billion net inflow of foreign investment in New Zealand.
| Component | Assets | Liabilities |
| Direct investment | 719000000 | 620000000 |
| Portfolio investment | 5482000000 | 7103000000 |
| Financial derivatives | -3254000000 | -1863000000 |
| Other investment | -3549000000 | -1075000000 |
| Reserve assets | 649000000 | 0 |
New Zealand investment abroad
New Zealand's investment abroad recorded a $47 million net outflow in the September 2025 quarter, as New Zealanders increased assets held with non-residents.
The net investment outflow was driven by outflows of:
- $5.5 billion in portfolio investment
- $719 million in direct investment
- $649 million in reserve assets.
The investment outflows were offset by:
- $3.5 billion inflow in other investment
- $3.3 billion receipts from the settlements of financial derivative assets.
Foreign investment in New Zealand
Foreign investment in New Zealand recorded a $4.8 billion net inflow in the September 2025 quarter, as New Zealand increased its liabilities with the rest of the world.
The net investment inflow was driven by inflows of:
- $7.1 billion in portfolio investment
- $620 million in direct investment.
This was partly offset by an outflow of $1.1 billion in other investment and $1.9 billion payments for settlements of financial derivative liabilities.
International investment position
The net international investment position represents the difference between New Zealand's assets and liabilities with the rest of the world.
At 30 September 2025, New Zealand's international assets were $479.1 billion, $26.7 billion more than at 30 June 2025. International liabilities were $681.7 billion, $19.8 billion more than at 30 June 2025. This resulted in a net liability position of $202.5 billion (46.1 percent of GDP), $6.9 billion narrower than at 30 June 2025 (48.2 percent of GDP).
The value of New Zealand's reserve assets increased to $47.4 billion in the September 2025 quarter, an increase of $1.6 billion from the previous quarter.
The depreciation of the New Zealand dollar against major currencies and increases in share prices across major markets, impacted both New Zealand international assets and liability position.
| Quarter | Net international investment position |
| Sep-05 | -116818000000 |
| Dec-05 | -120665000000 |
| Mar-06 | -118345000000 |
| Jun-06 | -118985000000 |
| Sep-06 | -124574000000 |
| Dec-06 | -130589000000 |
| Mar-07 | -129757000000 |
| Jun-07 | -133418000000 |
| Sep-07 | -135949000000 |
| Dec-07 | -135977000000 |
| Mar-08 | -138295000000 |
| Jun-08 | -142605000000 |
| Sep-08 | -152257000000 |
| Dec-08 | -155609000000 |
| Mar-09 | -159685000000 |
| Jun-09 | -156598000000 |
| Sep-09 | -156330000000 |
| Dec-09 | -153842000000 |
| Mar-10 | -152424000000 |
| Jun-10 | -154495000000 |
| Sep-10 | -146289000000 |
| Dec-10 | -142898000000 |
| Mar-11 | -126218000000 |
| Jun-11 | -130550000000 |
| Sep-11 | -140663000000 |
| Dec-11 | -143143000000 |
| Mar-12 | -142532000000 |
| Jun-12 | -145150000000 |
| Sep-12 | -145995000000 |
| Dec-12 | -149560000000 |
| Mar-13 | -147518000000 |
| Jun-13 | -148719000000 |
| Sep-13 | -147244000000 |
| Dec-13 | -144969000000 |
| Mar-14 | -150719000000 |
| Jun-14 | -150662000000 |
| Sep-14 | -151474000000 |
| Dec-14 | -154648000000 |
| Mar-15 | -150372000000 |
| Jun-15 | -145068000000 |
| Sep-15 | -150576000000 |
| Dec-15 | -149820000000 |
| Mar-16 | -155720000000 |
| Jun-16 | -159972000000 |
| Sep-16 | -164838000000 |
| Dec-16 | -153636000000 |
| Mar-17 | -148195000000 |
| Jun-17 | -150117000000 |
| Sep-17 | -149860000000 |
| Dec-17 | -150507000000 |
| Mar-18 | -150699000000 |
| Jun-18 | -156549000000 |
| Sep-18 | -158672000000 |
| Dec-18 | -172822000000 |
| Mar-19 | -167751000000 |
| Jun-19 | -171625000000 |
| Sep-19 | -176368000000 |
| Dec-19 | -175671000000 |
| Mar-20 | -182993000000 |
| Jun-20 | -183319000000 |
| Sep-20 | -182589000000 |
| Dec-20 | -184769000000 |
| Mar-21 | -169769000000 |
| Jun-21 | -160232000000 |
| Sep-21 | -169801000000 |
| Dec-21 | -168284000000 |
| Mar-22 | -168071000000 |
| Jun-22 | -190091000000 |
| Sep-22 | -201309000000 |
| Dec-22 | -204741000000 |
| Mar-23 | -196073000000 |
| Jun-23 | -200814000000 |
| Sep-23 | -201711000000 |
| Dec-23 | -210591000000 |
| Mar-24 | -197417000000 |
| Jun-24 | -200809000000 |
| Sep-24 | -207858000000 |
| Dec-24 | -211471000000 |
| Mar-25 | -211172000000 |
| Jun-25 | -209493000000 |
| Sep-25 | -202544000000 |
The increase in New Zealand's international assets was:
- $17.3 billion increase due to market price changes
- $5.4 billion increase in financial derivative valuation changes
- $2.1 billion increase due to other valuation changes
- $2.0 billion increase due to exchange rate changes
- $47 million net outflow from financial account assets transactions.
The increase in New Zealand's international liabilities was:
- $6.1 billion increase due to financial derivative valuation changes
- $5.9 billion increase due to exchange rate changes
- $4.8 billion net inflow from financial account liabilities transactions
- $1.6 billion increase due to market price changes
- $1.5 billion increase due to other valuation changes.
Net external debt
Net external debt (international assets and liabilities excluding equity and financial derivatives) widened by $7.1 billion during the September 2025 quarter, to reach $225.9 billion at 30 September 2025 (51.4 percent of GDP). This was a result of external debt increasing $12.3 billion and external lending increasing $5.2 billion.
| Year ended in quarter | Net international investment liability position (%) | Net external debt (%) |
| Sep-05 | 73.5 | 67.6 |
| Dec-05 | 75.0 | 70.8 |
| Mar-06 | 72.6 | 71.7 |
| Jun-06 | 72.3 | 71.6 |
| Sep-06 | 75.1 | 74.4 |
| Dec-06 | 77.3 | 74.7 |
| Mar-07 | 75.4 | 74.3 |
| Jun-07 | 76.1 | 75.0 |
| Sep-07 | 75.8 | 76.6 |
| Dec-07 | 74.2 | 74.9 |
| Mar-08 | 74.1 | 75.3 |
| Jun-08 | 75.5 | 79.3 |
| Sep-08 | 80.4 | 83.6 |
| Dec-08 | 82.0 | 83.9 |
| Mar-09 | 84.1 | 83.7 |
| Jun-09 | 82.5 | 81.9 |
| Sep-09 | 81.8 | 81.3 |
| Dec-09 | 80.0 | 80.6 |
| Mar-10 | 78.3 | 79.8 |
| Jun-10 | 78.3 | 80.3 |
| Sep-10 | 73.3 | 75.5 |
| Dec-10 | 70.7 | 74.7 |
| Mar-11 | 61.9 | 66.4 |
| Jun-11 | 63.3 | 65.1 |
| Sep-11 | 67.4 | 68.4 |
| Dec-11 | 67.8 | 67.9 |
| Mar-12 | 66.8 | 66.1 |
| Jun-12 | 67.5 | 66.6 |
| Sep-12 | 67.7 | 66.4 |
| Dec-12 | 69.1 | 67.5 |
| Mar-13 | 67.7 | 65.5 |
| Jun-13 | 67.9 | 65.0 |
| Sep-13 | 66.2 | 62.7 |
| Dec-13 | 63.5 | 61.1 |
| Mar-14 | 64.7 | 58.9 |
| Jun-14 | 63.6 | 58.8 |
| Sep-14 | 63.2 | 58.4 |
| Dec-14 | 64.2 | 58.3 |
| Mar-15 | 61.9 | 57.0 |
| Jun-15 | 59.0 | 56.2 |
| Sep-15 | 60.5 | 55.6 |
| Dec-15 | 59.5 | 54.5 |
| Mar-16 | 61.0 | 55.1 |
| Jun-16 | 61.8 | 54.6 |
| Sep-16 | 62.8 | 57.6 |
| Dec-16 | 57.6 | 54.0 |
| Mar-17 | 54.6 | 53.2 |
| Jun-17 | 54.4 | 52.7 |
| Sep-17 | 53.4 | 52.8 |
| Dec-17 | 52.5 | 51.9 |
| Mar-18 | 51.8 | 51.2 |
| Jun-18 | 53.0 | 51.8 |
| Sep-18 | 53.0 | 51.9 |
| Dec-18 | 57.2 | 52.0 |
| Mar-19 | 54.8 | 50.3 |
| Jun-19 | 55.3 | 50.2 |
| Sep-19 | 56.0 | 50.6 |
| Dec-19 | 54.9 | 49.1 |
| Mar-20 | 56.6 | 45.1 |
| Jun-20 | 57.7 | 46.7 |
| Sep-20 | 56.8 | 48.6 |
| Dec-20 | 57.0 | 49.2 |
| Mar-21 | 51.6 | 48.7 |
| Jun-21 | 46.6 | 47.1 |
| Sep-21 | 49.0 | 48.6 |
| Dec-21 | 47.7 | 50.5 |
| Mar-22 | 46.9 | 48.4 |
| Jun-22 | 52.0 | 51.0 |
| Sep-22 | 53.5 | 51.0 |
| Dec-22 | 53.1 | 49.1 |
| Mar-23 | 49.8 | 47.3 |
| Jun-23 | 50.0 | 48.3 |
| Sep-23 | 49.4 | 46.8 |
| Dec-23 | 51.0 | 49.3 |
| Mar-24 | 47.3 | 48.3 |
| Jun-24 | 47.7 | 48.4 |
| Sep-24 | 49.1 | 51.6 |
| Dec-24 | 49.5 | 51.7 |
| Mar-25 | 49.0 | 50.9 |
| Jun-25 | 48.2 | 50.3 |
| Sep-25 | 46.1 | 51.4 |
More data
Use Infoshare for balance of payments time series:
Subject category: Economic indicators
Group: Balance of payments - BOP
Group: International investment position - IIP
Definitions and metadata
Balance of payments - DataInfo+ details the general methodology used to produce balance of payments statistics.
Balance of payments concepts - DataInfo+ provides the definitions of terms used in this release.
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Next release
Balance of payments and international investment position: December 2025 quarter will be released on 18 March 2026.
