New Zealand posted a seasonally adjusted current account deficit of NZ$2.836 billion in the first quarter of 2017, Statistics New Zealand said on Wednesday.
That missed forecasts for a surplus of NZ$1.0 billion following the NZ$2.415 billion shortfall in the three months prior.
The goods deficit gained NZ$404 million to NZ$1,199 million, while the services surplus fell NZ$180 million to NZ$1,001 million.
The primary income deficit added NZ$222 million to NZ$2,302 million.
"New Zealanders spent more on imports of goods this quarter than we earned from our exports of goods," said international statistics senior manager Daria Kwon. "The increased spending on goods, like cars and machinery, led to a record high value of imports this quarter."
For the year ended March, the current account deficit was NZ$8.1 billion (3.1 percent of GDP; it was 3.1 percent of GDP a year earlier).
New Zealand's net international liability position was NZ$154.8 billion (58.5 percent of GDP) in Q1, down from a revised NZ$157.5 billion (60.4 percent of GDP) in Q4.
New Zealand's external debt position was NZ$144.9 billion (54.7 percent of GDP) in Q1 compared to NZ$144.1 billion (55.3 percent of GDP) in the previous three months.
For the March 2017 quarter the capital account surplus was NZ$3.0 million, down from NZ$804 million in the previous quarter. The December 2016 quarter reflected the Kaikoura earthquakes reinsurance claims.
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