The seasonally adjusted current account deficit narrowed by $1.7 billion to $7.1 billion in the June 2022 quarter, from $8.8 billion in the March 2022 quarter, Stats NZ said today.

The narrowing was mainly due to a $2.8 billion rise in the exports of goods and services, offset by a smaller $785 million rise in imports of goods and services. The primary and secondary income balance widened by $380 million.

Exports outpace imports

The value of New Zealand’s seasonally adjusted goods exports rose by $1.1 billion to $17.9 billion in the June 2022 quarter.

“Primary products including dairy, meat, and logs generally make up about half of New Zealand’s total goods exports by value and in the June quarter they continued to contribute to steady export growth. Meat and fruit exports, particularly kiwifruit, made the largest contribution to the increase in overall goods exports in the June quarter,” institutional sectors senior manager Paul Pascoe said.

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