Until the 2000s balance of payments crises in New Zealand were largely synonymous with periods when there was a significant trade imbalance – that is, the country spent more on its imports than it earned in exports. This graph shows the relationship between exports and imports by value and shows those periods of crisis – such as 1920, 1926, 1957/58, 1965/66, 1974–77 and 1984–87.
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Source: Statistics New Zealand