New Zealand's seasonally adjusted current account deficit increased to $1.9 billion in the September 2016 quarter, Statistics New Zealand said today. This is a small increase from the June quarter deficit of $1.8 billion and was funded by the banking sector.

Within the current account, New Zealand's export goods were worth $686 million less than import goods in the September 2016 quarter. The goods trade shortfall in the latest quarter was up $190 million from the June 2016 quarter, after accounting for usual seasonal patterns.

"New Zealand spent more on imports of goods, and earned less from exports of goods this quarter," international statistics senior manager Jason Attewell said.