WELLINGTON, Sept. 20 (Xinhua) -- New Zealand's annual current account deficit was 29.8 billion NZ dollars (17.72 billion U.S. dollars), or 7.5 percent of gross domestic product (GDP), in the year ended June 30, 2023, according to the statistics department Stats NZ on Wednesday.

The current account deficit, which is a broad measure of what the country earns and spends internationally, narrowed to 7.5 percent of GDP in the June year compared with 8.2 percent of GDP in March, Stats NZ said.

"The economy is continuing to show its durability in an uncertain global environment, with the current account deficit narrowing further thanks to stronger exports of kiwifruit and dairy products and the return of overseas visitors adding to export receipts," Finance Minister Grant Robertson said.

However, the deficit was 1.2 billion NZ dollars (710 million U.S. dollars) wider than the year ended June 30, 2022, or 7.9 percent of GDP, Stats NZ said.

The widening annual current account deficit in the year ended June 30, 2023 was due to a 2.9 billion NZ dollars (1.73 billion U.S. dollars) widening of the goods deficit and a 1.3 billion NZ dollars (770 million U.S. dollars) widening of the primary income deficit. This was partly offset by a 2.4 billion NZ dollars (1.43 billion U.S. dollars) narrowing of the services deficit, statistics show.

New Zealand's annual goods imports grew faster than exports in the year ended June 30, 2023, driven by the imports of fuel, motor vehicles, and aircraft, Stats NZ's institutional sectors senior manager Paul Pascoe said.

"Fuel, including diesel, petrol, and jet fuel, was the main contributor to the increase in goods imports, driven by increases in both the price and volume of fuel," Pascoe said.

In the year ended June 30, 2023, the increase in goods exports was driven by dairy products, including milk powder, butter, and cheese, he said.

New Zealand's annual services exports grow faster than imports in the year ended June 30, 2023, Pascoe said, adding the spending by overseas visitors in New Zealand is called travel exports, while the spending by New Zealanders overseas is called travel imports.

In the June 2023 year, overseas visitors increased their spending almost twice as much as New Zealanders increased their spending overseas, he said.