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Balance of Payments and International Investment Position: September 2013 quarter
Embargoed until 10:45am  –  18 December 2013
Revisions

Graph, Revisions to current account balance, year ended in quarter, June 2004 to June 2013.

Graph, Revisions to seasonally adjusted current account balance, quarterly, June 2004 to June 2013.

Graph: Ratio of current account deficit to GDP, year ended in quarter, June 2004 to June 2013.

 Revisions to quarterly current account balance
 

 Balance on current account

 Quarter
  ended

Previously 
 published

 Revised

 Magnitude
 of revision

 

 NZ$(million)

Sep 2010

 -3,287

-3,006 

281 

Dec 2010

 -3,189

-2,786

403

Mar 2011

 -349

 295

644

Jun 2011

 -583

 -264

319

Sep 2011

 -4,258

 -4,025

233

Dec 2011

 -2,259

 -1,912

347

Mar 2012

 -733

 -134

599

Jun 2012

 -1,665

 -1,445

220

Sep 2012

 -4,425

 -4,253

172

Dec 2012

 -3,006

 -2,758

248

Mar 2013

 -416

 107

523

Jun 2013

 -1,252

 -1,339

-87

 

 Revisions to year ended current account balance

 

Balance on current account

 Current account balance to GDP

Year ended
 in quarter

Previously
 published

 

Revised

 Magnitude
 of revision

Previously
 published

 Revised

Magnitude
 of revision

 

 NZ$(million)

 Percent

Sep 2010

-6,319

-4,722

1,597

 -3.3

 -2.4 

 0.9 

Dec 2010

-6,230

-4,525

1,705

 -3.2

 -2.3

0.9

Mar 2011

-7.252

-5,601

1,651

 -3.7

 -2.8

0.9

Jun 2011

-7,408

-5,762

1,646

 -3.7

 -2.9

0.8

Sep 2011

-8,379

-6,781

1,598

 -4.1

 -3.3

0.8

Dec 2011

-7,449

-5,906

1,543

 -3.6

 -2.9

0.7

Mar 2012

-7,833

-6,335

1,498

 -3.8

 -3.1

0.7

Jun 2012

-8,916

-7,516

1,400

 -4.3

 -3.6

0.7

Sep 2012

-9,083

-7,744

1,339

 -4.3

 -3.7

0.6

Dec 2012

-9,829

-8,590

1,239

 -4.7

 -4.1

0.6

Mar 2013

-9,512

-8,349

1,163

 -4.5

 -3.9

0.6

Jun 2013

-9,099

-8,244

855

 -4.3

 -3.9

0.4

Revisions from improved International Visitors Survey (IVS) methodology

The IVS has changed from a face-to-face interview conducted at airport departure gates, to an online survey emailed to visitors once they return home. Research suggests that expenditure is often under-reported in face-to-face surveys.

Changes were made to both the questionnaire and the survey coverage. We now ask respondents to estimate their total expenditure by cash, credit card, and debit card, rather than by compiling a total estimate based on spending on different items like food, accommodation, and activities.

The survey also now includes expenditure by travellers using business and first class lounges, and those departing from Queenstown airport (alongside Auckland, Wellington, and Christchurch).

The Ministry of Business, Innovation and Employment (MBIE) conducted a dual run of the face-to-face and online methodologies for the IVS from January 2013 to July 2013. We’ve used results from this dual survey and revised data back to the June 1982 quarter.

See MBIE’s IVS commentary for more information on the effect of changes to the IVS.

Revisions from improved estimates for spending by international students in New Zealand

Education New Zealand commissioned a study into the economic impact of export education during 2012/13. This study followed a similar study in 2008, the results of which we did not fully implement at the time.

We have used the benchmarks produced as part of the 2008 and 2012/13 studies to revise our exports of education-related travel series back to 2004. This incorporates the improved estimates of international students’ living costs.

See the Economic impact of international education 2012/13 for more information.

Revisions from new estimate of goods below $1,000 NZ Customs threshold

We include a time series for low-value imports of goods purchased directly by households in this release, from 2000 to 2013. Household imports of goods have increased in recent years as a result of spending patterns changing towards online purchasing, including direct purchases from overseas businesses.

Spending on imports of goods valued at less than $1,000 has been an area of known undercoverage in BoP and national accounts data. Limited information is available from NZ Customs administrative data on the value of these imports, and there is a high level of misreporting.

Earthquake-related figures revised

New Zealand insurers have provided updated estimates of their Canterbury reinsurance claims on non-resident reinsurers. The updated data affects capital account inflows, investment abroad transactions, and IIP assets. We used the updated data to revise statistics back to the September 2010 quarter. These are shown in the table below.

 Updated Canterbury reinsurance claims on non-resident reinsurers
 Quarter

Previously published reinsurance
claims 

Revised reinsurance
claims
 

Size of
revision
 

 NZ$(million)

 Sep 2010

4,823 

 4,907

 84

 Dec 2010

 0

 0

 0

 Mar 2011

 12,809

 12,808

 -1

 Jun 2011

 983

 982

 -1

 Sep 2011

 0

 0

 0

 Dec 2011

 49

 21

 -28

Revisions for Balance of Payments and International Investment Position: June 2013 quarter

The tables below present a summary of revisions to the June 2013 quarter. Revisions reflect new or improved information becoming available.

Current and capital accounts

Current and capital accounts June 2013 quarter revisions
Component

Previously published Jun 2013 
quarter

Revised Jun 2013
 quarter

Magnitude of
revision

  NZ$(million)

Current account balance

-1,252

-1,339 

-87

Current account credits

 17,243 

17,679

436

Current account debits

18,495

19,019

524

 

 

   
Balance on goods

1,446

1,109

-337

Exports (fob)

12,152

12,150

-2

Imports (fob)

10,706

11,041

335

       
Balance on services

-492

-7

485

Exports of services 

3,188

3,653

465

Imports of services 

3,680

3,660

-20

 

 

   
Balance on income 

-2,001

-2,236

-235

Income inflow 

1,560

1,534

-26

Income outflow

3,561

3,770

209

       
Balance on current transfers

-205

-205

0

Inflow of current transfers 

342

342

0

Outflow of current transfers

547

547

0

     
Balance on capital account

-125

-86

39

Capital account inflow 

290

329

39

Capital account outflow 

415

415

0

Financial account

Financial account June 2013 quarter revisions
Component

Previously published Jun 2013 
quarter

Revised Jun 2013 
quarter

Magnitude of
revision

 

NZ$(million)

New Zealand investment abroad

-604

-914

-310

Direct investment

320

-57

-377

Portfolio investment

1,254

1,299

45

Other investment

-85

-63

22

Reserve assets

-2,093

-2,093

Foreign investment in New Zealand

-773

-870

-97

Direct investment

-560

-626

-66

Portfolio investment

-4,834

-4,625

209

Other investment

4,621

4,381

-240

Net errors and omissions

Net errors and omissions June 2013 revisions
Component

Previously published Jun 2013
quarter

Revised Jun 2013 
quarter

Magnitude of
revision

 

NZ$(million) 

Net errors and omissions

1,547

1,382

-165 

International investment position

International investment position June 2013 quarter revisions
Component

Previously published Jun 2013
quarter

Revised Jun 2013
quarter

Magnitude of
revision

 

NZ$(million)

NZ investment abroad

167,309

166,738

-571

Direct investment

22,698

22,316

-382

Portfolio investment

75,081

75,066

-15

Other investment

29,445

29,249

-196

Financial derivatives

17,425

17,447

22

Reserve assets

22,660

22,660

0

Foreign investment in NZ

318,574

318,328

-246

Direct investment

100,774

100,640

-134

Portfolio investment

116,034

116,210

176

Other investment

84,381

84,067

-314

Financial derivatives

17,384

17,412

28

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