New Zealand has recorded a record current account surplus for the first quarter, as exports such as meat and dairy drive the goods balance to an all-time high and the country enjoys spending by an inflow of overseas visitors.
The current account surplus was $NZ1.41 billion ($A1.31 billion) in the three months ended March 31, from a revised deficit of $NZ1.5b in the fourth quarter of 2013.
The annual deficit was $NZ6.3b, or 2.8 per cent of gross domestic product (GDP), from a revised annual gap of $NZ7.6b, or 3.4 per cent of GDP, three months earlier.
The surplus in the latest quarter compares to a surplus of just $NZ107 million in the same period last year, when drought disrupted farm output.
Global supplies of dairy products have come more into balance this year, and prices have retreated from their highs in recent months.
The balance on goods widened to a record $NZ2.5b surplus in the first quarter, as exports climbed to $NZ13.9b while imports retreated to $NZ11.4b.
The balance on services jumped to $NZ1.69b, from $NZ124 million three months earlier, reflecting spending by overseas visitors in what is the busiest quarter for tourists.
The balance on income was a deficit of $NZ2.68b, just narrower than the December quarter's $NZ2.7b gap.
Statistics New Zealand said this reflected lower profits overseas for New Zealand-owned firms, and a drop in income for foreign investors here, as a result of lower dividend payments.
While the banking sector increased profits in New Zealand, it was offset by lower earnings for other corporates.
The nation's net liability position at March 31 was $NZ148b, or 65.3 per cent of GDP, compared with $NZ146.9b, or 66.4 per cent of GDP at December 31.
New Zealand's net external debt position, which excludes the value of financial derivatives, was $NZ139b, or 61.4 per cent of GDP, the lowest since December 2007, reflecting reduced borrowing overseas by both the government and the banking sector.
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