New Zealand posted a seasonally adjusted current account deficit of NZD2.21 billion in the first quarter of 2013, Statistics New Zealand said on Wednesday.
That missed forecasts for a shortfall of NZD0.635 billion following the revised deficit of NZD2.54 billion in the previous three months (originally reported as a deficit of NZD3.255 billion).
"Visitors to New Zealand spent more this quarter," acting balance of payments manager Matthew Haigh said. "The rise in dairy exports was mainly due to increased volumes, although prices also rose for the first time in almost two years."
For the year to March, New Zealand's current account deficit narrowed to NZD10.1 billion, or 4.8 percent of GDP. This was smaller deficit than the previous quarter, when it was 5.0 percent of GDP. The decline was mainly due to a fall in imports of petroleum and petroleum products.
The capital account balance showed a shortfall of NZD70 million after coming in at -NZD55 million in Q4 of 2012.
New Zealand's net international liability position was NZD146.7 billion (69.3 percent of GDP), compared with NZD149.6 billion (71.4 percent of GDP) at the end of the previous three months.
"Almost a third of New Zealand's international assets are held in overseas sharemarkets. Rising prices in these markets helped boost our asset values by NZD2.4 billion this quarter," Haigh said.
New Zealand's net external debt was down NZD3.7 billion, to NZD138.7 billion (65.6 percent of GDP) in Q1. The fall in net external debt was mainly due to reduced borrowing by the banking sector, the bureau noted.
The net international liability position includes outstanding overseas reinsurance claims as New Zealand's assets from the Canterbury earthquakes. Total overseas claims are estimated to be NZD18.6 billion, and almost half these claims had been settled by the end of the first quarter.
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