New Zealand Q2 Current Account Deficit Below Estimates

New Zealand's current account deficit widened to NZD 1.67 billion in the second quarter of 2026, up from NZD 0.78 billion in the same period a year earlier, but below market expectations of NZD 2.7 billion. The goods balance surplus narrowed to NZD 1.57 billion, down from NZD 2.76 billion in Q2 2025, with exports standing at NZD 25.02 billion and imports at NZD 23.45 billion. The primary income deficit widened to NZD 2.35 billion from NZD 1.89 billion, while the secondary income deficit edged down to NZD 0.11 billion from NZD 0.30 billion. Meanwhile, the services deficit narrowed to NZD 0.78 billion, down from a NZD 1.35 billion gap a year earlier. Last year, the country recorded a current account deficit of NZD 13.48 billion.

New Zealand's current account deficit widened to NZD 1.01 billion in the first quarter of 2026, up from NZD 0.71 billion in the same period the previous year, and was slightly smaller than market expectations of a NZD 1.03 billion gap. The goods balance recorded a NZD 0.09 billion deficit, swinging from a NZD 1.00 billion surplus in Q1 2025, as exports rose less than imports. The primary income deficit widened slightly to NZD 3.30 billion from NZD 3.27 billion, while the secondary income deficit increased to NZD 0.21 billion from NZD 0.19 billion. In contrast, the services surplus rose to NZD 2.59 billion, up from NZD 1.75 billion a year earlier, driven mainly by stronger growth in services exports and imports. Last year, the country recorded a current account deficit of NZD 16 billion.

New Zealand recorded a current account deficit of NZD 5.98 billion in the final quarter of 2025, narrowing from NZD 8.36 billion in the previous quarter but widening from a NZD 5.0 billion deficit a year earlier. The goods deficit remained broadly stable at around NZD 1.9 billion, in line with the same period last year. In contrast, the services deficit increased to NZD 194 million, up from NZD 75 million a year earlier. The primary income deficit widened significantly to NZD 3.67 billion from NZD 2.9 billion, while the secondary income deficit rose to NZD 227 million from NZD 110 million. On a seasonally adjusted basis, New Zealand’s current account deficit totalled NZD 16.3 billion in 2025, equivalent to 3.7% of GDP.