EV imports hit record $53m
The value of electric vehicle (EV) imports hit a record high last month when $53 million worth of such cars crossed our borders, according to new figures from Stats NZ.
EVs also accounted for six per cent of all passenger vehicle imports in the year to September 2021, whereas they made up just two per cent in the 12-months to September 2018.
The surge in activity helped make vehicles, parts and accessories the largest contributor to an increase in overall imports in September this year, with the sector up $269 million, or 43 per cent, to $895m from the same month a year ago.
It follows imported vehicles and associated goods also topping the list in August, when they climbed $415m, or 87.1 per cent, to $892m.
For the three months to the end of September, the value of imported vehicles, parts and accessories hit $2.7b, which was $1.5b, or 84.4 per cent, higher than the corresponding period in 2020.
Meanwhile, the category saw its numbers for the year to the end of last month reach $9.6b. This was an increase of $3.1b, or 47.7 per cent, from $6.5b in the previous 12-month spell.
Stats NZ says September’s overall figures mark a third successive month of record imports, resulting in a record trade deficit.
Total merchandise goods imports last month rose $1.5 billion, or 30 per cent, compared with September 2020, to reach $6.6b.
With total merchandise trade exports valued at $4.4b, up $387m over the same period, the September trade balance is a deficit of $2.2b.
Alasdair Allen, international trade manager, says: “These three consecutive record months for imports are a reflection of both the higher prices New Zealanders are paying for consumer goods, and strong demand for capital goods such as machinery used in construction, and passenger vehicles.”
Other significant increases in imports during September were in mechanical machinery and equipment, up $192m, and electrical machinery and equipment, which climbed $131m.
The annual trade balance for the year ended September 2021 was a deficit of $4.1b.
