N.Z. QUARTERLY CURRENT ACCOUNT DEFICIT NARROWS

  New Zealand's current account deficit
  for the quarter ended December 31, 1986 narrowed to 567 mln
  dlrs from 738 mln, revised down from 742 mln, for the September
  quarter and from 733 mln a year earlier, the statistics
  department said.
      The deficit for the year ended December narrowed to 2.75
  billion dlrs from 2.91 billion dlrs, revised down from 2.92
  billion, for the year ended September. The deficit for calendar
  1985 was 2.61 billion.
      The December quarter showed a 182 mln dlr surplus for
  merchandise trade, unchanged from the September quarter surplus
  which was revised down from 271 mln dlrs. The 1985 December
  quarter showed a 13 mln dlr deficit.
      Imports for the December 1986 quarter were 2.655 billion
  against 2.883 billion in the September quarter and 2.454 a year
  earlier. Exports were 2.837 billion against 3.065 billion and
  2.440 billion.
      Imports for the year ended December 1986 were 10.74 billion
  dlrs compared with 11.14 billion in 1985. Exports were 11.20
  billion against 11.36 billion.
      Government borrowing stood at 9.26 billion dlrs for
  calendar 1986 against 3.15 billion for 1985. Borrowing in the
  December quarter rose to 3.92 billion from 1.79 in the
  September quarter and 611 mln a year earlier.
      Repayments stood at 5.5 billion for the year, up from 3.1
  billion in 1985. Repayments in the December quarter accounted
  for 1.4 billion dlrs against 260 mln in the September quarter
  and 334 mln a year earlier.
      Official reserves totalled 7.205 billion dlrs at end
  December compared with 4.723 billion at end September and 3.255
  billion one year earlier.
  

