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 March 2025 quarter with December 2024 quarter (unless otherwise stated).
- New Zealand's seasonally adjusted current account deficit was $5.5 billion.
- The current account deficit for the year ended March 2025 narrowed to $24.7 billion (5.7 percent of gross domestic product (GDP)) compared with the $27.6 billion deficit for the March 2024 year (6.6 percent of GDP).
As at 31 March 2025
- New Zealand's net international liability position was $212.2 billion, compared with $213.6 billion at 31 December 2024.
In the March 2025 quarter, the:
- seasonally adjusted goods deficit narrowed to $574 million
- seasonally adjusted services moved from a surplus to a deficit of $645 million
- primary income deficit widened to $4.2 billion
- financial account recorded a net inflow of $4.2 billion.
Current account
New Zealand's seasonally adjusted current account balance was a $5.5 billion deficit in the March 2025 quarter, $53 million narrower than the December 2024 quarter deficit.
The narrowing of the seasonally adjusted current account deficit was due to:
- $1.1 billion narrowing of the goods deficit
- $692 million decrease in the services balance, to a deficit
- $292 million widening of the primary income balance
- $70 million widening of the secondary income deficit.
| Component | Change |
| Seasonally adjusted goods balance | 1107000000 |
| Seasonally adjusted services balance | -692000000 |
| Primary income balance | -292000000 |
| Secondary income balance | -70000000 |
The annual current account deficit in the year ended 31 March 2025 was $24.7 billion (5.7 percent of GDP).
| Year ended in quarter | Current account balance |
| Mar-05 | -7943000000 |
| Jun-05 | -9538000000 |
| 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 | -5779000000 |
| Dec-16 | -5479000000 |
| Mar-17 | -6857000000 |
| Jun-17 | -7010000000 |
| Sep-17 | -7283000000 |
| Dec-17 | -8220000000 |
| Mar-18 | -8910000000 |
| Jun-18 | -10524000000 |
| Sep-18 | -12077000000 |
| Dec-18 | -12822000000 |
| Mar-19 | -11931000000 |
| Jun-19 | -11004000000 |
| Sep-19 | -10425000000 |
| Dec-19 | -9151000000 |
| Mar-20 | -7770000000 |
| Jun-20 | -5185000000 |
| Sep-20 | -3132000000 |
| Dec-20 | -3466000000 |
| Mar-21 | -8906000000 |
| Jun-21 | -11596000000 |
| Sep-21 | -16344000000 |
| Dec-21 | -21272000000 |
| Mar-22 | -24464000000 |
| Jun-22 | -29731000000 |
| Sep-22 | -32761000000 |
| Dec-22 | -35645000000 |
| Mar-23 | -33797000000 |
| Jun-23 | -31919000000 |
| Sep-23 | -31343000000 |
| Dec-23 | -28607000000 |
| Mar-24 | -27619000000 |
| Jun-24 | -27636000000 |
| Sep-24 | -27252000000 |
| Dec-24 | -26163000000 |
| Mar-25 | -24662000000 |
| Year ended in quarter | Annual current account balance to GDP ratio (%) |
| Mar-05 | -5.1 |
| Jun-05 | -6.1 |
| Sep-05 | -6.6 |
| Dec-05 | -7.1 |
| Mar-06 | -7.8 |
| 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 | -2.5 |
| Jun-14 | -2.4 |
| Sep-14 | -2.5 |
| Dec-14 | -3.1 |
| Mar-15 | -3.4 |
| Jun-15 | -3.3 |
| Sep-15 | -3.1 |
| Dec-15 | -2.8 |
| Mar-16 | -2.4 |
| Jun-16 | -2.1 |
| Sep-16 | -2.2 |
| Dec-16 | -2.1 |
| Mar-17 | -2.5 |
| Jun-17 | -2.5 |
| Sep-17 | -2.6 |
| Dec-17 | -2.9 |
| Mar-18 | -3.1 |
| Jun-18 | -3.6 |
| Sep-18 | -4.0 |
| Dec-18 | -4.2 |
| Mar-19 | -3.9 |
| Jun-19 | -3.5 |
| Sep-19 | -3.3 |
| Dec-19 | -2.9 |
| Mar-20 | -2.4 |
| Jun-20 | -1.6 |
| Sep-20 | -1.0 |
| Dec-20 | -1.1 |
| Mar-21 | -2.7 |
| Jun-21 | -3.4 |
| Sep-21 | -4.7 |
| Dec-21 | -6.0 |
| Mar-22 | -6.8 |
| Jun-22 | -8.1 |
| Sep-22 | -8.7 |
| Dec-22 | -9.2 |
| Mar-23 | -8.6 |
| Jun-23 | -7.9 |
| Sep-23 | -7.7 |
| Dec-23 | -6.9 |
| Mar-24 | -6.6 |
| Jun-24 | -6.6 |
| Sep-24 | -6.5 |
| Dec-24 | -6.1 |
| Mar-25 | -5.7 |
| Component | Assets | Liabilities |
| Direct investment | 1552000000 | 3950000000 |
| Portfolio investment | -2860000000 | 5104000000 |
| Financial derivatives | -3494000000 | -1814000000 |
| Other investment | -660000000 | -2365000000 |
| Reserve assets | 6134000000 | 0 |
New Zealand investment abroad
New Zealand investment abroad recorded a $672 million net outflow in the March 2025 quarter, as New Zealanders increased assets held with the rest of the world.
The net investment outflow was driven by outflows of:
- $6.1 billion in reserve assets
- $1.6 billion in direct investment.
The investment outflows were offset by:
- $3.5 billion receipts from the settlement of financial derivative assets
- $2.9 billion inflow in portfolio investment
- $660 million inflow in other investment.
Foreign investment in New Zealand
Foreign investment in New Zealand recorded a $4.9 billion net inflow in the March 2025 quarter, as New Zealand increased its liabilities with the rest of the world.
The net investment inflow was driven by inflows of:
- $5.1 billion in portfolio investment
- $4.0 billion in direct investment.
This was partly offset by an outflow of $2.4 billion in other investment and $1.8 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 31 March 2025, New Zealand's international assets were $434.3 billion, $6.4 billion smaller than at 31 December 2024. International liabilities were $646.5 billion, $7.7 billion smaller over the same period.
The difference between the international liabilities and assets resulted in a net international investment liability position of $212.2 billion, $1.4 billion narrower than at 31 December 2024.
| Quarter | Net international investment position |
| Mar-05 | -110773000000 |
| Jun-05 | -111510000000 |
| 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 | -171820000000 |
| Mar-19 | -166749000000 |
| Jun-19 | -170400000000 |
| Sep-19 | -175084000000 |
| Dec-19 | -174356000000 |
| Mar-20 | -182673000000 |
| Jun-20 | -182892000000 |
| Sep-20 | -181686000000 |
| Dec-20 | -183901000000 |
| Mar-21 | -170394000000 |
| Jun-21 | -161065000000 |
| Sep-21 | -170668000000 |
| Dec-21 | -169013000000 |
| Mar-22 | -167935000000 |
| Jun-22 | -189384000000 |
| Sep-22 | -200292000000 |
| Dec-22 | -202239000000 |
| Mar-23 | -192957000000 |
| Jun-23 | -198220000000 |
| Sep-23 | -200320000000 |
| Dec-23 | -211759000000 |
| Mar-24 | -199103000000 |
| Jun-24 | -202926000000 |
| Sep-24 | -209754000000 |
| Dec-24 | -213598000000 |
| Mar-25 | -212206000000 |
The decrease in New Zealand's international assets was:
- $6.9 billion decrease due to financial derivative valuation changes
- $5.8 billion decrease due to market price changes
- $2.9 billion increase due to exchange rate changes
- $2.8 billion increase due to other valuation changes
- $672 million net outflow from financial account assets transactions.
The decrease in New Zealand's international liabilities was:
- $9.5 billion decrease due to financial derivative valuation changes
- $5.2 billion decrease due to market price changes
- $4.9 billion net inflow from financial account liabilities transactions
- $1.5 billion increase due to other valuation changes
- $503 million increase due to exchange rate changes.
Net external debt
Net external debt (international assets and liabilities excluding equity and financial derivatives) narrowed by $2.7 billion during the March 2025 quarter, to reach $217.3 billion at 31 March 2025. This was a result of external debt increasing $8.0 billion and external lending increasing $10.7 billion.
| Year ended in quarter | Net international liability position (%) | Net external debt (%) |
| Mar-05 | 71.7 | 64.9 |
| Jun-05 | 71.1 | 64.9 |
| 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 | 67.7 | 67.9 |
| Mar-12 | 66.8 | 66.1 |
| Jun-12 | 67.5 | 66.6 |
| Sep-12 | 67.6 | 66.3 |
| Dec-12 | 69.1 | 67.5 |
| Mar-13 | 67.7 | 65.5 |
| Jun-13 | 67.9 | 65.0 |
| Sep-13 | 66.1 | 62.7 |
| Dec-13 | 63.5 | 61.1 |
| Mar-14 | 64.7 | 58.8 |
| Jun-14 | 63.5 | 58.8 |
| Sep-14 | 63.2 | 58.4 |
| Dec-14 | 64.1 | 58.3 |
| Mar-15 | 61.9 | 56.9 |
| Jun-15 | 59.0 | 56.2 |
| Sep-15 | 60.5 | 55.6 |
| Dec-15 | 59.5 | 54.5 |
| Mar-16 | 60.9 | 55.1 |
| Jun-16 | 61.8 | 54.5 |
| Sep-16 | 62.8 | 57.5 |
| Dec-16 | 57.5 | 53.9 |
| Mar-17 | 54.6 | 53.1 |
| Jun-17 | 54.4 | 52.6 |
| Sep-17 | 53.4 | 52.7 |
| Dec-17 | 52.5 | 51.9 |
| Mar-18 | 51.8 | 51.1 |
| Jun-18 | 52.9 | 51.8 |
| Sep-18 | 53.0 | 51.8 |
| Dec-18 | 56.8 | 51.6 |
| Mar-19 | 54.4 | 49.9 |
| Jun-19 | 54.9 | 49.8 |
| Sep-19 | 55.6 | 50.2 |
| Dec-19 | 54.5 | 48.8 |
| Mar-20 | 56.5 | 45.1 |
| Jun-20 | 57.6 | 46.7 |
| Sep-20 | 56.6 | 48.5 |
| Dec-20 | 56.8 | 49.2 |
| Mar-21 | 51.9 | 49.1 |
| Jun-21 | 46.9 | 47.5 |
| Sep-21 | 49.3 | 49.0 |
| Dec-21 | 47.9 | 50.8 |
| Mar-22 | 46.8 | 48.6 |
| Jun-22 | 51.8 | 51.1 |
| Sep-22 | 53.2 | 51.1 |
| Dec-22 | 52.5 | 49.0 |
| Mar-23 | 49.0 | 47.0 |
| Jun-23 | 49.4 | 48.0 |
| Sep-23 | 49.1 | 46.8 |
| Dec-23 | 51.3 | 49.5 |
| Mar-24 | 47.6 | 48.4 |
| Jun-24 | 48.2 | 48.6 |
| Sep-24 | 49.7 | 52.0 |
| Dec-24 | 50.1 | 51.6 |
| Mar-25 | 49.2 | 50.4 |
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.
Technical enquiries
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04 931 4600
ISSN 1178-0215
Next release
Balance of payments and international investment position: June 2025 quarter will be released on 17 September 2025.
