The current account balance equals net foreign investment. When net foreign investment is positive, the current account is in deficit. The current account balance is the result of the international trade in savings and the relative rewards and incentives of investing at home or abroad:
- The current account is in surplus when national saving is greater than net domestic investment; and
- The current account is in deficit when national saving is less than net domestic investment.
New Zealand can import more than it exports courtesy of this foreign investment.
- The difference between exports and imports, or net exports, is the trade balance.
- But for net foreign investment, the trade balance would have to always balance.
For most of the last 20-years, exports have been the same as imports, more or less, so the New Zealand current account deficit has little to do with the level of exports or imports.
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Utopia, you are standing in it! 
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