Car imports top $500m in June

The value of car imports edged past $500 million for the first time in June 2017, Stats NZ said today. Total monthly imports were up 7.7 per cent, or $319 million, to $4.5 billion compared to June 2016. Imports of cars were up $118 million, or 31 per cent, to $505 million. This boom in import value was driven by an increase in new vehicles, which grew $86 million in value year-on-year. June was the eleventh consecutive month of year-on-year growth in value for vehicle imports, with 2,566 more cars imported compared to June 2016. Imports of the vehicles, parts and accessories industry sector rose 36.4 per cent year-on-year to $821 million. For the 12 months ending June, vehicle imports rose 18.3 per cent to $8.5 billion. Petrol imports were somewhat sluggish, up just two per cent to $388 million in June when compared to the same month of the previous year. For the 12 months ending June 2017, imports rose 10.3 per cent to $4.99 billion. Dairy sales led June’s growth in export values. Year-on-year, exports grew 11 per cent, or $454 million, to $4.7 billion. “The milk powder, butter, and cheese group continues to be a key export commodity, and accounts for over a quarter of our total exports,” international statistics senior manager Daria Kwon said. When seasonally-adjusted, imports in the June 2017 quarter rose 2.9 per cent, or $396 million, to $14 billion. Exports rose 9.9 per cent, or $1.2 billion, to $13.5 billion.