New Zealand Posts SA NZ$482 Million Current Account Surplus In Q2
(RTTNews) - New Zealand posted a seasonally adjusted current account surplus of NZ$482 million in the second quarter of 2020, Statistics New Zealand said on Wednesday.
That was shy of expectations for NZ$595 million and down from NZ$1.56 billion in the three months prior.
The current account deficit for the year ended June 2020 narrowed to NZ$5.8 billion (1.9 percent of GDP) from an NZ$11.6 billion deficit for the June 2019 year (3.8 percent of GDP).
New Zealand's net international liability position was NZ$180.1 billion, compared with NZ$179.3 billion in Q1.
The seasonally adjusted goods balance was a NZ$2.2 billion surplus. The seasonally adjusted services balance was a NZ$68 million deficit.
The primary income deficit narrowed to NZ$1.3 billion, while the financial account recorded a net inflow of NZ$4.8 billion.
In the June 2020 quarter, seasonally adjusted goods imports fell 21 percent (NZ$3.2 billion) to NZ$12.5 billion while seasonally adjusted goods exports fell 5.2 percent (NZ$812 million) to NZ$14.7 billion. The seasonally adjusted goods balance was a surplus of NZ$2.2 billion, the first quarterly surplus since the June 2014 quarter.
The fall in seasonally adjusted goods imports was led by falls in crude oil and passenger motor cars. The fall in seasonally adjusted goods exports was led by falls in meat and edible offal, and mechanical machinery and equipment.
The seasonally adjusted services deficit was NZ$68 million in the June 2020 quarter, a NZ$725 million change from the NZ$657 million surplus in the March 2020 quarter. Travel and transportation services were the main drivers behind this change.
The primary income deficit was NZ$1.3 billion in the June 2020 quarter, NZ$384 million narrower than the previous quarter. This was driven by a fall in investment income from foreign investment in New Zealand, while investment income from New Zealand investment abroad was largely unchanged.
Income from New Zealand investment abroad was down NZ$14 million from the previous quarter to NZ$2.1 billion, mainly due to a fall in income earned on other investment (down NZ$264 million). This was mostly offset by a rise in income earned on portfolio investment (up NZ$249 million).
Foreign investment in New Zealand earned overseas investors NZ$3.3 billion in the June 2020 quarter, NZ$421 million less than in the March 2020 quarter. This was driven by a fall in income earned on direct investment (NZ$477 million), mainly due to a fall in profits.
The financial account recorded a net inflow of NZ$4.8 billion in the June 2020 quarter. This was made up of a NZ$9.4 billion net divestment of New Zealand's offshore assets and a NZ$4.7 billion net divestment by foreign investors of their New Zealand investments.
New Zealand investors brought a net NZ$9.4 billion back into the country from assets previously held overseas. The main inflows were a NZ$10.4 billion divestment of other investment, settlements of NZ$5.4 billion in financial derivatives assets, and a NZ$4.5 billion divestment of reserve assets.
Partly offsetting these inflows of capital was a net NZ$10.8 billion outflow of investment in portfolio investment assets mainly by the New Zealand pension and investment fund sector.
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