New Zealand had a current account deficit of NZ$1.495 billion in the first quarter of 2016, Statistics New Zealand said on Wednesday.
That follows the NZ$1.56 billion shortfall in the three months prior.
The primary income deficit fell NZ$562 million to NZ$1.7 billion, the largest fall since the March 2010 quarter.
"Generally, foreign-owned New Zealand companies earned lower profits this quarter," international statistics manager Stuart Jones said. "This meant there was a decrease in investment income paid to foreign investors."
The services surplus increased NZ$166 million in the latest quarter, to reach NZ$1.1 billion, the largest surplus on record.
The balance of goods was a NZ$515 million deficit in the latest quarter (NZ$247 million smaller than the December 2015 quarter's deficit).
For the year ended March 2016, the current account deficit was NZ$7.5 billion (3.0 percent of GDP; it was 3.2 percent of GDP for the December 2015 year).
New Zealand's net international liability position was NZ$157.0 billion (63.1 percent of GDP) at 31 March 2016, up from a revised NZ$151.9 billion (61.8 percent of GDP) at 31 December 2015.
New Zealand's net external debt position was NZ$139.3 billion (56.0 percent of GDP) at 31 March 2016, up from a revised NZ$136.5 billion (55.5 percent of GDP) at 31 December 2015.
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