New Zealand has recorded a surplus in its balance of payments for the first time in 20 years and provides evidence of how the Bay of Plenty's economy has weathered recession well.
The country's current account for the three months ending September was a surplus of $340 million.
This means the value of exports was $340 million more than the value of imports to the New Zealand economy.

Priority One CEO Andrew Coker.

Bay of Plenty economic development agency Priority One CEO Andrew Coker says while this is good news, it must be viewed with caution.
'It shows recession has bit with a reduction of imports as people aren't buying so much stuff.
'At the same time banks are taking tax provisions and aren't taking money to Australia.”
Andrew says this is because they are less profitable currently and so are keeping their money in New Zealand.
This balance of payments indicates the export driven nature of the economy's recovery and this is something which needs to continue says Andrew.
This comes naturally to the Bay of Plenty with such a strong export focus owing to the Port of Tauranga and the huge agricultural component of its economy.
'We are really lucky to have Zespri here with the kiwifruit industry getting us through. The jobs and income from it have made a big difference.”
The amount of $340 million in the black must be treated with caution, however, says Andrew as, 'One big purchase, like an oil rig, would throw it out.”