Value of imported vehicles drops

The value of imported vehicles, parts and accessories came in at $713 million in March, down $284m or 28.4 per cent from the same month a year ago, according to new figures from Stats NZ.

This was led by passenger cars coming into the country falling $105m, or 18 per cent, to $468m, which was in turn driven by electric models suffering a $72m, or 66 per cent, decline in value to $38m.

Stats NZ notes that among the largest falls for imports from the US last month was vehicles, parts and accessories being down by $40m from a year ago.

In contrast, the same commodities from South Korea grew by $26m year-on-year.

The overall drop for the category contributed to last month’s total value for all merchandise goods imports falling by $1.9 billion, or 24.8 per cent, year-on-year to $5.9b.

Petroleum products also suffered a decline in value over the same period, with a 31.1 per cent decrease to $872m.

Exports for March 2024 climbed $240m, or 3.8 per cent, to reach $6.5b. This meant the monthly trade balance was a surplus of $588m.

The latest overseas merchandise trade figures from Stats NZ also reveals vehicles, parts and accessories recorded a decrease in value for the three months ended March 2024, dropping 18 per cent from the same period a year earlier to hit $2.1b.

For the year to the end of March, automotive commodities slipped 6.1 per cent from a year earlier to $10.8b.