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 June 2026 quarter with the March 2026 quarter (unless otherwise stated).
- New Zealand's seasonally adjusted current account deficit was $3.8 billion.
- The current account deficit for the year ended June 2026 narrowed to $14.6 billion (3.2 percent of gross domestic product (GDP)) compared with a $15.8 billion deficit for the year ended June 2025 (3.6 percent of GDP).
At 30 June 2026:
- New Zealand's net international liability position narrowed to $178.3 billion, compared with $191.7 billion at 31 March 2026.
In the June 2026 quarter, the:
- primary income deficit narrowed to $2.3 billion
- seasonally adjusted goods deficit widened to $1.5 billion
- seasonally adjusted services was a change of $300 million from a deficit in the March 2026 quarter, to a surplus of $183 million in the June 2026 quarter
- financial account recorded a net inflow of $4.6 billion.
Current account
New Zealand's seasonally adjusted current account balance was a $3.8 billion deficit in the June 2026 quarter, $666 million narrower than the March 2026 quarter deficit.
The narrowing of the seasonally adjusted current account deficit was due to:
- $712 million narrowing of the primary income deficit
- $416 million widening of the goods deficit
- $300 million change in the services balance from a deficit in the March 2026 quarter, to a surplus in the June 2026 quarter
- $69 million narrowing of the secondary income deficit.
| Component | Change |
| Seasonally adjusted goods balance | -416000000 |
| Seasonally adjusted services balance | 300000000 |
| Primary income balance | 712000000 |
| Secondary income balance | 69000000 |
The annual current account deficit in the year ended 30 June 2026 was $14.6 billion (3.2 percent of GDP).
| Year ended in quarter | Current account balance |
| 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 | -5974000000 |
| Jun-14 | -5991000000 |
| Sep-14 | -6452000000 |
| Dec-14 | -8056000000 |
| Mar-15 | -9030000000 |
| Jun-15 | -9361000000 |
| Sep-15 | -9053000000 |
| Dec-15 | -8134000000 |
| Mar-16 | -6943000000 |
| Jun-16 | -5893000000 |
| Sep-16 | -5937000000 |
| Dec-16 | -5497000000 |
| Mar-17 | -7097000000 |
| Jun-17 | -7433000000 |
| Sep-17 | -7856000000 |
| Dec-17 | -8876000000 |
| Mar-18 | -9448000000 |
| Jun-18 | -11254000000 |
| Sep-18 | -12642000000 |
| Dec-18 | -13223000000 |
| Mar-19 | -12278000000 |
| Jun-19 | -11309000000 |
| Sep-19 | -10793000000 |
| Dec-19 | -9638000000 |
| Mar-20 | -8764000000 |
| Jun-20 | -5857000000 |
| Sep-20 | -3784000000 |
| Dec-20 | -4485000000 |
| Mar-21 | -9199000000 |
| Jun-21 | -11684000000 |
| Sep-21 | -16298000000 |
| Dec-21 | -21115000000 |
| Mar-22 | -24282000000 |
| Jun-22 | -29611000000 |
| Sep-22 | -32241000000 |
| Dec-22 | -34312000000 |
| Mar-23 | -31985000000 |
| Jun-23 | -29277000000 |
| Sep-23 | -28210000000 |
| Dec-23 | -24807000000 |
| Mar-24 | -23252000000 |
| Jun-24 | -23322000000 |
| Sep-24 | -22241000000 |
| Dec-24 | -20881000000 |
| Mar-25 | -18986000000 |
| Jun-25 | -15800000000 |
| Sep-25 | -13640000000 |
| Dec-25 | -13482000000 |
| Mar-26 | -13692000000 |
| Jun-26 | -14583000000 |
Goods and services
In the June 2026 quarter, seasonally adjusted goods exports increased by $1.4 billion while imports increased by $1.8 billion. This resulted in a widening of the goods deficit by $416 million, to $1.5 billion.
The increase in goods imports was led by:
- petroleum and petroleum products (driven by higher prices)
- passenger motor cars
- machinery and plant.
The increase in goods exports was led by:
- dairy
- meat and edible offal.
The seasonally adjusted services balance for the June 2026 quarter was a surplus of $183 million. This was a $300 million change from the March 2026 quarter deficit of $117 million.
Services exports increased by $193 million (2.1 percent), to $9.4 billion, led by travel exports. Services imports decreased by $107 million (1.1 percent), to $9.2 billion, led by transportation.
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 $2.3 billion in the June 2026 quarter, $712 million narrower than the previous quarter. This was due to:
- $1.1 billion increase in income earned from New Zealand's investment abroad
- $302 million increase in income earned by foreign investment in New Zealand.
Income earned from New Zealand's investment abroad increased $1.1 billion to $5.3 billion in the June 2026 quarter. This was due to:
- $977 million increase in portfolio investment income
- $75 million increase in other investment income
- $27 million increase in reserve assets income
- $22 million decrease in direct investment income.
Income earned by foreign investment in New Zealand increased $302 million to $7.4 billion in the June 2026 quarter. This was driven by:
- $391 million increase in income earned on direct investment
- $89 million decrease in income earned on portfolio 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 $69 million to $112 million in the June 2026 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 $4.6 billion inflow of funds in the June 2026 quarter. This was made up of a $520 million net outflow of New Zealand investments abroad and a $5.2 billion net inflow of foreign investment in New Zealand.
| Component | Assets | Liabilities |
| Direct investment | -111000000 | 4435000000 |
| Portfolio investment | 8284000000 | 2927000000 |
| Financial derivatives | -4357000000 | -1653000000 |
| Other investment | -4010000000 | -558000000 |
| Reserve assets | 713000000 | 0 |
New Zealand investment abroad
New Zealand investment abroad recorded a $520 million net outflow in the June 2026 quarter, as New Zealanders increased assets held with non-residents.
The net investment outflow was driven by outflows of funds increasing assets by:
- $8.3 billion in portfolio investment, including funds investing in offshore issued shares and debt securities
- $713 million in reserve assets.
The investment outflows were partly offset by decreasing assets abroad of:
- $111 million in direct investment
- $4.0 billion in other investment, including banks reducing offshore deposits
- $4.4 billion receipts from the settlements of financial derivative assets.
Foreign investment in New Zealand
Foreign investment in New Zealand recorded a $5.2 billion net inflow in the June 2026 quarter, as New Zealand increased its liabilities with the rest of the world.
The net investment inflow was driven by inflows increasing liabilities of:
- $4.4 billion in direct investment, including a $2.4 billion reinvestment of earnings
- $2.9 billion in portfolio investment.
This was partly offset by an outflow of $1.7 billion payments for settlements of financial derivative liabilities, and $558 million reducing other investment liabilities, including loans and accounts payable.
International investment position
The net international investment position represents the difference between New Zealand's assets and liabilities with the rest of the world.
New Zealand's net international investment liability position at 30 June 2026 was $178.3 billion (39.0 percent of GDP). This was $13.5 billion narrower than the $191.7 billion (42.5 percent of GDP) liability position at 31 March 2026.
At June 2026 compared with March 2026, the value of New Zealand's international assets rose $28.6 billion to $523.3 billion, while the value of liabilities rose $15.1 billion to $701.5 billion.
The value of New Zealand's reserve assets increased by $789 million to $52.0 billion in the June 2026 quarter.
| Quarter | Net international investment position |
| 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 | -150670000000 |
| Sep-14 | -151518000000 |
| Dec-14 | -154739000000 |
| Mar-15 | -150482000000 |
| Jun-15 | -145212000000 |
| Sep-15 | -150589000000 |
| Dec-15 | -150000000000 |
| Mar-16 | -155936000000 |
| Jun-16 | -160220000000 |
| Sep-16 | -165098000000 |
| Dec-16 | -153907000000 |
| Mar-17 | -148473000000 |
| Jun-17 | -150431000000 |
| Sep-17 | -150176000000 |
| Dec-17 | -150687000000 |
| Mar-18 | -150893000000 |
| Jun-18 | -156786000000 |
| Sep-18 | -159004000000 |
| Dec-18 | -173175000000 |
| Mar-19 | -168115000000 |
| Jun-19 | -172037000000 |
| Sep-19 | -176783000000 |
| Dec-19 | -176148000000 |
| Mar-20 | -183465000000 |
| Jun-20 | -183796000000 |
| Sep-20 | -183020000000 |
| Dec-20 | -185387000000 |
| Mar-21 | -170956000000 |
| Jun-21 | -161542000000 |
| Sep-21 | -171094000000 |
| Dec-21 | -169562000000 |
| Mar-22 | -169300000000 |
| Jun-22 | -191660000000 |
| Sep-22 | -202833000000 |
| Dec-22 | -206280000000 |
| Mar-23 | -197563000000 |
| Jun-23 | -202263000000 |
| Sep-23 | -203194000000 |
| Dec-23 | -212088000000 |
| Mar-24 | -198956000000 |
| Jun-24 | -204108000000 |
| Sep-24 | -211215000000 |
| Dec-24 | -213944000000 |
| Mar-25 | -214627000000 |
| Jun-25 | -212856000000 |
| Sep-25 | -206876000000 |
| Dec-25 | -195207000000 |
| Mar-26 | -191741000000 |
| Jun-26 | -178266000000 |
The increase in New Zealand's international assets was:
- $520 million net inflow from financial account assets transactions
- $268 million increase due to exchange rate changes
- $6.5 billion increase in financial derivative valuation changes
- $19.1 billion increase due to market price changes, mostly rises in offshore share market valuations
- $2.2 billion increase due to other valuation changes.
The increase in New Zealand's international liabilities was:
- $5.2 billion net inflow from financial account liabilities transactions
- $1.4 billion increase due to exchange rate changes
- $5.2 billion increase due to financial derivative valuation changes
- $2.9 billion increase due to market price changes
- $465 million increase due to other valuation changes.
Revisions to New Zealand's reserve assets for the March 2026 quarter
Stats NZ have revised the March 2026 quarter value of New Zealand's reserve assets in the Balance of payments (BOP) and international investment position (IIP) statistics for the June 2026 quarter. The revised value reduces both the BOP and IIP transactions for reserve assets. The revision reflects a change in the technical treatment of recording 'swap transactions' that led to the increase in the March 2026 quarter.
The Reserve Bank of New Zealand (RBNZ) has not changed their previously published data for reserve assets and data reported to the International Monetary Fund (IMF). The RBNZ has reviewed and refined their definitions of reserve assets. However, they are only applying changes from the June 2026 quarter. The March 2026 quarter difference in the value of reserve assets across various publications is expected to be a one-off occurrence. The IMF is aware of this anomaly, and they have acknowledged the positions of both Stats NZ and RBNZ.
Net external debt
Net external debt (international assets and liabilities excluding equity and financial derivatives) widened by $2.8 billion during the June 2026 quarter, to reach $225.7 billion at 30 June 2026 (49.4 percent of GDP). This was a result of external debt increasing by $4.6 billion and external lending increasing by $1.8 billion.
| Year ended in quarter | Net international investment liability position (%) | Net external debt (%) |
| 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 | 58.5 |
| Dec-14 | 64.3 | 58.4 |
| Mar-15 | 62.0 | 57.1 |
| Jun-15 | 59.2 | 56.3 |
| Sep-15 | 60.6 | 55.7 |
| Dec-15 | 59.7 | 54.6 |
| Mar-16 | 61.1 | 55.3 |
| Jun-16 | 62.0 | 54.7 |
| Sep-16 | 63.0 | 57.7 |
| Dec-16 | 57.7 | 54.1 |
| Mar-17 | 54.7 | 53.3 |
| Jun-17 | 54.6 | 52.8 |
| Sep-17 | 53.6 | 52.9 |
| Dec-17 | 52.6 | 52.0 |
| Mar-18 | 51.9 | 51.3 |
| Jun-18 | 53.1 | 51.9 |
| Sep-18 | 53.2 | 52.0 |
| Dec-18 | 57.3 | 52.1 |
| Mar-19 | 55.0 | 50.5 |
| Jun-19 | 55.5 | 50.4 |
| Sep-19 | 56.2 | 50.8 |
| Dec-19 | 55.1 | 49.3 |
| Mar-20 | 56.8 | 45.3 |
| Jun-20 | 57.8 | 46.9 |
| Sep-20 | 56.9 | 48.7 |
| Dec-20 | 57.2 | 49.4 |
| Mar-21 | 52.0 | 49.1 |
| Jun-21 | 47.0 | 47.5 |
| Sep-21 | 49.5 | 49.0 |
| Dec-21 | 48.1 | 50.9 |
| Mar-22 | 47.2 | 48.8 |
| Jun-22 | 52.5 | 51.4 |
| Sep-22 | 53.9 | 51.4 |
| Dec-22 | 53.5 | 49.5 |
| Mar-23 | 50.2 | 47.6 |
| Jun-23 | 50.3 | 48.6 |
| Sep-23 | 49.7 | 47.1 |
| Dec-23 | 51.4 | 49.6 |
| Mar-24 | 47.7 | 48.6 |
| Jun-24 | 48.5 | 49.0 |
| Sep-24 | 49.9 | 52.3 |
| Dec-24 | 50.0 | 52.2 |
| Mar-25 | 49.7 | 51.4 |
| Jun-25 | 48.9 | 51.0 |
| Sep-25 | 47.0 | 52.3 |
| Dec-25 | 43.8 | 52.3 |
| Mar-26 | 42.5 | 49.4 |
| Jun-26 | 39.0 | 49.4 |
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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Technical enquiries
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ISSN 1178-0215
Next releases
Balance of payments and international investment position: Year ended 31 March 2026 will be released on 30 September 2026.
Balance of payments and international investment position: September 2026 quarter will be released on 16 December 2026.
