June 2017 quarter revisions

Revisions for Balance of Payments and International Investment Position: June 2017 quarter These tables present a summary of revisions to the June 2017 quarter release. Revisions reflect new or improved information becoming available. Current and capital accounts Current and capital accounts June 2017 quarter revisions Component Previously published June 2017 quarter Revised June 2017 quarter Size of revision NZ$(million) NZ$(million) NZ$(million) Current account balance -618 -514 104 Goods balance 1,036 1,030 -6 Goods exports (fob) 14,348 14,341 -7 Goods imports (fob) 13,312 13,311 -1 Services balance 778 788 10 Services exports 5,218 5,214 -4 Services imports 4,440 4,425 -15 Primary income balance -1,910 -2,072 -162 Primary income inflow 2,441 2,476 35 Primary income outflow 4,351 4,549 198 Secondary income balance -522 -260 262 Secondary income inflow 500 500 0 Secondary income outflow 1,022 760 -262 Capital account balance -14 95 109 Capital account inflow 1 110 109 Capital account outflow 15 15 0 Financial account Financial account June 2017 quarter revisions Component Previously published June 2017 quarter Revised June 2017 quarter Size of revision NZ$(million) NZ$(million) NZ$(million) Financial account balance 110 610 500 NZ investment abroad 1,562 1,120 -442 Direct investment assets 405 491 86 Portfolio investment assets 2,190 2,070 -120 Financial derivative assets -1,542 -1,542 0 Other investment assets -857 -1,266 -409 Reserve assets 1,366 1,366 0 Foreign investment in NZ 1,673 1,730 57 Direct investment liabilities 1,441 1,609 168 Portfolio investment liabilities -647 -328 319 Financial derivative liabilities -1,582 -1,582 0 Other investment liabilities 2,460 2,031 -429 Net errors and omissions Net errors and omissions June 2017 quarter revisions Component Previously published June 2017 quarter Revised June 2017 quarter Size of revision NZ$(million) NZ$(million) NZ$(million) Net errors and omissions 522 -191 -713 International investment position International investment position (IIP) June 2017 quarter revisions Component Previously published June 2017 quarter Revised June 2017 quarter Size of revision NZ$(million) NZ$(million) NZ$(million) Net IIP -154,213 -157,164 -2,951 NZ's international assets 249,800 249,387 -413 Direct investment 36,064 36,009 -55 Portfolio investment 129,866 129,908 42 Financial derivatives 26,881 26,879 -2 Other investment 29,501 29,103 -398 Reserve assets 27,488 27,488 0 NZ's international liabilities 404,013 406,551 2,538 Direct investment 114,555 114,594 39 Portfolio investment 184,739 187,339 2,600 Financial derivatives 27,576 27,513 -63 Other investment 77,143 77,106 -37 Overseas reinsurance claims from the Canterbury and Kaikōura earthquakes Canterbury earthquakes Total international reinsurance claims from all Canterbury earthquakes are estimated at $21.1 billion. At 30 September 2017, a total of $19.9 billion of these claims had been settled with overseas reinsurers, leaving $1.2 billion of claims outstanding. These outstanding insurance claims are included as assets in New Zealand's international investment position. See the table below for details. Updated reinsurance claim estimate - Canterbury earthquakes Quarter Total Reinsurance Claims Settlements Total Outstanding Claims NZ$(million) NZ$(million) NZ$(million) Sep-10 6,510 0 6,510 Dec-10 0 0 6,510 Mar-11 13,555 59 20,006 Jun-11 1,002 483 20,525 Sep-11 0 892 19,633 Dec-11 49 1,193 18,489 Mar-12 0 1,361 17,129 Jun-12 0 1,399 15,730 Sep-12 0 1,362 14,367 Dec-12 0 1,514 12,853 Mar-13 0 1,010 11,843 Jun-13 0 1,373 10,470 Sep-13 0 1,343 9,127 Dec-13 0 1,051 8,076 Mar-14 0 1,184 6,891 Jun-14 0 535 6,356 Sep-14 0 564 5,792 Dec-14 0 626 5,166 Mar-15 0 605 4,561 Jun-15 0 311 4,250 Sep-15 0 254 3,996 Dec-15 0 371 3,626 Mar-16 0 1,044 2,581 Jun-16 0 643 1,938 Sep-16 0 191 1,747 Dec-16 0 290 1,457 Mar-17 0 107 1,350 Jun-17 0 76 1,274 Sep-17 0 62 1,212 Total 21,116 19,904 1,212 Kaikōura earthquakes Total international reinsurance claims from all Kaikōura earthquakes are estimated at $1.1 billion. At 30 September 2017, a total of $179 million of these claims had been settled with overseas reinsurers, leaving $886 million of claims outstanding. These outstanding insurance claims are included as assets in New Zealand's international investment position. See the table below for details. Updated reinsurance claim estimate - Kaikōura earthquakes Quarter Total Reinsurance Claims Settlements Total Outstanding Claims NZ$(million) NZ$(million) NZ$(million) Dec-16 1,065 14 1,051 Mar-17 0 18 1,034 Jun-17 0 43 991 Sep-17 0 105 886 Total 1,065 179 886 The next revision to earthquake reinsurance claims will take place in our next regular revision release, which will be the Balance of Payments and International Investment Position: June 2018 quarter release in September 2018 en-NZ