New Zealand’s seasonally adjusted current account deficit fell to NZ$2.7 billion for the June 2018 quarter, Statistics New Zealand said on Wednesday.
The NZ$484 million decrease from the March 2018 quarter was mainly driven by rising exports of goods and services.
New Zealand’s exports of goods increased NZ$711 million from the March 2018 quarter, while services exports increased NZ$284 million. Dairy and meat exports were the driving factor behind the increase in exports.
The annual current account deficit increased to NZ$9.5 billion for the year ended June 2018 (3.3 percent of GDP), up from the NZ$7.1 billion deficit for the June 2017 year (2.6 percent of GDP).