New Zealand tourism spurs services surplus to record high

Source: Xinhua| 2017-09-20 20:08:06|Editor: Zhou Xin
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WELLINGTON, Sept. 20 (Xinhua) -- New Zealand's current account deficit narrowed to 1.6 billion NZ dollars (1.18 billion U.S. dollars) in the June 2017 quarter, the country's statistics department Stats NZ said on Wednesday.

This smaller deficit was due to a record high of 1.3 billion NZ dollars services surplus and a smaller primary income deficit, said a Stats NZ statement.

New Zealand exported a record 5.8 billion NZ dollars worth of services in the June quarter, while importing a record 4.5 billion NZ dollars worth of services, Stats NZ said.

The increase in services exports was driven by 3.7 billion NZ dollars worth of spending by overseas travelers in New Zealand, which are the largest-ever exports of travel services, it said, adding that part of this increase was due to the World Masters Games in April, and the British and Irish Lions Rugby tour to New Zealand in the June and September quarters.

Overall, the goods and services balance for New Zealand in the June 2017 quarter was a surplus of 834 million NZ dollars, the department said.

Finance Minister Steven Joyce said that "better than expected balance of payments figures" underscore the strength of both the services and goods sectors of the New Zealand economy.

Wednesday's result is "one of the dividends of an increasingly diversified economy," with both services and goods exports performing well in the quarter, Joyce said, adding that "the days of New Zealand as a one-trick economy are behind us," and the government's strong economic plan should continue to further diversify and grow the economy.