The current account balance records the value of New Zealand's transactions with the rest of the world in goods, services, and income.
While the seasonally adjusted data for the quarter to March was a $3billion deficit, for the year to March the deficit was $7.9billion; or 2.8% of gross domestic product (GDP).
By comparison, the US deficit is 2.6% of GDP and Australia is 2.3% of its GDP.
SNZ international statistics senior manager Peter Dolan said the goods deficit widened to $1.7billion in the quarter to March, due to strong imports of petroleum and machinery and equipment, such as tractors.
"We had a record value of imported goods this quarter, which continued a trend of rising imports," Mr Dolan said in a statement.
New Zealand's exports of goods fell 5.9% from the December quarter's record high.
"Lower dairy prices and a fall in the volume of meat exports contributed to the drop," he said.
ASB rural economist Nathan Penny said the weaker goods balance during the quarter was "largely due" to weak export values, which fell by $849million.
"Agricultural production was weak and exports subsequently weak also," he said in a statement.
However, Mr Penny believed the decline in the goods balance would prove temporary, given agricultural production had improved in recent months and that would flow through into exports during the two quarters.
"In addition, export prices have lifted so this will also boost the goods balance," Mr Penny said
