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, said Stats NZ.
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.
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,” said Paul Pascoe, institutional sectors senior manager.
The increase in goods export values reflected rises in both export prices, up 3.7 percent since the previous quarter, and export volumes, which were up 3.0 percent.
“Goods imports have been on the rise since the June 2020 quarter, but the pace of increase has slowed in recent quarters. For the June 2022 quarter, diesel, petrol, and aviation fuel contributed to this increase,” said Pascoe.
