Current account deficit falls to $888M
PA Wellington The current account deficit for New Zealand’s trade transactions with other countries fell to $BBB million during the September quarter from $ll5B million for the same period last year, said the Government Statistician yesterday.
The balance on current account for the year ended September 1985 was a deficit of $2441M. This annual deficit balance had declined from a S2BIBM peak for the year ended March, 1985.
The S27OM improvement in die deficit balance on current account for the September, 1985, quarter compared with the September, 1984, quarter can be attributed to an improvement in the deficit balance on merchandise trade.
Goods worth $2681M (valued f.0.b.) were exported from New Zealand during the September, 1985, quarter.
This was S24BM, or 10 per cent, higher than in the September quarter of 1984. The value of goods imported to New Zealand was $2939M (valued f.o.b. in exporting countries) in this latest September quarter, which was SISM, or 0.5 per cent, higher than in the corresponding quarter of 1984.
Imports f.o.b. for the current quarter include an estimate of SIOOM for the value of a Boeing 767 (spare parts) which arrived in September. Compensatory financing borrowings (official borrowings undertaken to maintain New Zealand’s foreign exchange reserves) amounted to $996M in the latest quar-
ter, compared with SI4IBM for the September quarter of 1984.
Total repayments amounted .to S9I2M compared with S94BM in the September, 1984, quarter. Foreign exchange reserves were $2521M at the end of September, 1985, equivalent to 22 per cent, or 2.6 months of merchandise imports in the year ended September, 1985. This is the same as for the corresponding time point of 1984. The deficit for the year ended December, 1984, was $2796M and for the year ended June, 1985, was $2712M.
Other quarterly deficit comparisons are SBB7M for the December, 1984, quarter, $222M for the March, 1985, quarter and $445M for the June, 1985, quarter.
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Press, 24 December 1985, Page 4
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323Current account deficit falls to $888M Press, 24 December 1985, Page 4
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