• New Zealand's seasonally adjusted current account deficit was $3,048 million in the March 2018 quarter, $1,043 million wider than in the December 2017 quarter. It was the largest current account deficit since December 2008.

• The annual current account deficit increased to $7,911 million for the year ended March 2018 (2.8% of GDP), up from the $7,156 million deficit for the March 2017 year (2.6% of GDP).

In the March 2018 quarter:

• The seasonally adjusted goods deficit widened to $1,746 million (up $1,211 million); a record high for goods imports contributed to the deficit.

• The seasonally adjusted services surplus increased to $1,261 million (up $66 million); a record high for services exports contributed to the surplus.

• The primary income deficit narrowed to $2,453 million (down $311 million).

• Secondary income was a $111 million deficit (down $210 million from a $99 million surplus in the December 2017 quarter).

• The financial account had a net inflow of $126 million.