New Zealand's current account deficit widened to NZD 1.01 billion in the first quarter of 2026, up from NZD 0.71 billion in the same period the previous year, and was slightly smaller than market expectations of a NZD 1.03 billion gap. The goods balance recorded a NZD 0.09 billion deficit, swinging from a NZD 1.00 billion surplus in Q1 2025, as exports rose less than imports. The primary income deficit widened slightly to NZD 3.30 billion from NZD 3.27 billion, while the secondary income deficit increased to NZD 0.21 billion from NZD 0.19 billion. In contrast, the services surplus rose to NZD 2.59 billion, up from NZD 1.75 billion a year earlier, driven mainly by stronger growth in services exports and imports. Last year, the country recorded a current account deficit of NZD 16 billion.