Smaller current account deficit a 'structural' change, Joyce says

Smaller current account deficit a 'structural' change, Joyce says
Paul McBeth
By Paul McBeth June 7 (BusinessDesk) - New Zealand's shrinking current account deficit is the result of a structural shift where local firms have adapted to a strong kiwi dollar and are taking advantage of opportunities in Asia, says Finance Minister Steven Joyce.  Speaking to Parliament's finance and expenditure select committee, Joyce said exporters have done a "great job" of adjusting to a stronger New Zealand dollar, which at 77.12 on a trade-weighted basis is about 8.7 percent higher than its simple moving average over a 20-year peri...