N.Z. APRIL CURRENT ACCOUNT DEFICIT NARROWS
  New Zealand's current account deficit
  narrowed to 76 mln N.Z. Dlrs in April from a revised 89 mln
  dlrs in March, and 224 mln dlrs in April 1986, in a smoothed
  seasonally-adjusted measurement, the Statistics Department
  said.
      The March figure was revised from 69 mln dlrs.
      The department said in a statement seasonally adjusted, but
  non-smoothed figures, showed a deficit of 99 mln dlrs against
  76 mln dlrs in March and 230 mln dlrs in April 1986.
      Totally unadjusted figures show a deficit of 83 mln dlrs
  against 164 mln dlrs in March, revised from 178 mln dlrs, and
  compared with 262 mln in April 1986.
      The smoothed seasonally adjusted series shows a surplus on
  merchandise trade of 145 mln dlrs against 135 mln dlrs in March
  and 30 mln dlrs in April 1986.
      Seasonally adjusted but non-smoothed figures show a
  merchandise trade surplus of 132 mln dlrs against a 148 mln dlr
  surplus in March and a 14 mln dlr surplus in April 1986.
      Unadjusted merchandise figures show a surplus of 151 mln
  dlrs against a 5.0 mln dlr (revised from 10 mln dlr) deficit in
  March and a 31 mln dlr deficit in March 1986.
      The smoothed seasonally adjusted deficit on invisibles was
  234 mln N.Z. Dlrs against 236 mln dlrs in March and 255 in
  April 1986.
      The seasonally adjusted but non-smoothed deficit on
  invisibles was 240 mln dlrs against 229 mln dlrs in March and
  245 mln dlrs in April 1986. The unadjusted deficit on
  invisibles was 234 mln dlrs against 158 mln dlrs, revised from
  168 mln dlrs, in March and 231 mln dlrs in April 1986.
      Seasonally adjusted export and import figures were not
  available.
      The department said these figures show a continuing
  improvement in the current account deficit, caused mainly by an
  improvement in the balance on merchandise trade which has now
  being in surplus since november 1985.
  

