New Zealand's deficit in adjusted current account balance continues to fall in 1st quarter of 2014

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New Zealand's deficit in seasonally adjusted current account balance continues to fall, registering the smallest deficit of 0.6 billion New Zealand dollars (about 0.52 billion U.S. dollars) since 2010, the country' s statistics body said here Wednesday.

Statistics New Zealand published the adjusted current account balance, showing a deficit of 0.52 billion dollars in the March 2014 quarter, 0.26 billion smaller than the December 2013 quarter deficit.

An increase in the value of goods exports, combined with higher spending by overseas visitors to New Zealand contributed to the fall in the current account deficit this quarter.

"The smaller deficit follows last quarter's 13.86 billion dollars fall, making this the smallest current account deficit since 2010," international statistics manager Jason Attewell said in a press release.

Meanwhile, before removing seasonal effects, the country's current account balance was a surplus of 12.13 billion dollars, the largest actual current account surplus ever recorded, representing a 11.26 billion dollar increase from the March 2013 quarter surplus, mainly driven by increased dairy product exports.

New Zealand is most likely to record a current account surplus in March quarters when more overseas visitors start to pour in.

New Zealand's annual current account was a deficit of 5.46 billion (2.8 percent of GDP) for the year ended March 2014, comparing with a deficit of 6.59 billion (3.4 percent of GDP) for the year ended December 2013, and is also 1.73 billion smaller than the deficit for the year ended March 2013 when it was 3.9 percent of GDP. Endi

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