New Zealand's external accounts improved slightly in the September quarter, but only because of lower profits earned by foreign-owned companies.
The current account of the balance of payments recorded a seasonally adjusted deficit of $2.5 billion, $300 million smaller than in the June quarter.
The balance on goods was a surplus of $220 million, even though exports, boosted by recorded dairy volumes, grew less than imports, swollen by higher oil imports.
The balance on services was a deficit of $300 million, increased by higher insurance premiums.
The quarter's investment income deficit was $2.2 billion, $570 million less than the June quarter, mainly reflecting a $400 million drop in earnings by foreign-owned corporates and banks in New Zealand. Two-thirds of their profits were reinvested.