This publication updates the previously published balance of payments statistics from 2015-2021
Capital Account recorded a surplus of $20.4 million made up of investment income and debt securities held overseas and compensation of employees which includes our seasonal workers overseas. This was offset mostly in the form of reinvested earnings and dividends of ofreign owned enterprises.
Financial Account shows a net borrowing of $13.1 million made up of Financial assets amounting to $172.7 million and Financial liabilities totalling $185.7 million.
Current Account in 2021 was in deficit of $51.1 million, a slight improvement from the $70.3 million deficit recorded in 2020. Much of this movement was caused by:
- Massive decline in the Services Account in particular the travel credits related mainly to the tourism sector, from $345.8 million in 2019 to $46 million in 2021.
- Goods Account although in deficit was an improvement when compared to previous years due to lower goods import
- Primary Income Account recorded a surplus of $20.4 million made up of investment income and debt securities held overseas and compensation of employees which includes our seasonal workers overseas. This was offset on the debit side mostly in the form of reinvested earnings and dividends of foreign owned enterprises.
- Secondary Income Account recorded a surplus of $61.6 million, mostly Official Development Assistance (ODA) of $55.4 million but offset by foreign workers’ remittances to families abroad and $3.8 million of net insurance.
More on Balance of Payments:
Information about BOP Data is currently compiled in accordance with BPM5. Merchandise goods are measured through customs as described in the Merchandise Trade GDDS entry. Other goods included in this component are the jet fuel and the numismatic. Our jet fuel is brought into the country as import goods and re-sold to a foreign owned company (Air NZ) and this is considered as re-exports. Revenue from numismatic coins is extracted from the government accounts. The export and import of services are measured in the following components: transportation, travel, communication, insurance, financial and government services. Income and current transfers are also estimated to arrive at a current account balance. The Current Account Balance is published along with Merchandise Trade tables. The Capital or Financial Account is not published.