Record current account surplus surprises

Wed, 16 Sep 2020

New Zealand posted a record current account surplus of $482 million in the June quarter as strong dairy exports and a slump in oil imports more than offset the collapse in international tourism, Stats NZ figures show.The annual deficit of $5.77 billion, or 1.9 percent of GDP, was largely due to the goods balance, with demand for NZ food exports holding up well. The slide in the services balance – which captures tourism – wasn’t enough to offset merchandise trade.The annual deficit narrowed from 2.9 percent of GDP in the March...

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