Thai vehicle imports surge

The value of vehicle imports from Thailand shot up by $223 million in the year to the end of June, according to Stats NZ.

It was an increase of 16 per cent from the previous financial year and came amid a significant increase in the value of trade in imports and exports with Southeast Asia.

Southeast Asia as defined by Asean includes the following countries: Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.

Imports from Singapore rose the most during the period studied and were up $3.1 billion, or 131 per cent, to $5.4b. 

The largest rise was petroleum and products other than crude oil, up $3.1b, or 212 per cent, to a total of $4.6b.

Alasdair Allen, international trade manager at Stats NZ, says: “Singapore’s oil refining facilities have led to it being a major provider of petrol and diesel imported by New Zealand.”

The overall value of imports from Thailand rose $295m, or 9.2 per cent, to $3.5b. Besides the increase for vehicles, sugar was also up $58m and 248 per cent.

Stats NZ notes the combined Southeast Asia market represents 18 per cent of New Zealand’s total imports and 11 per cent of total exports over the past 12 months.

China was the top import partner with 22 per cent of trade, followed by the European Union on 15 per cent,

Australia with 11 per cent. The US and South Korea completed the top five with 9.4 per cent 7.1 per cent respectively.

When it comes to export partners, China led with 28 per cent, followed by Australia’s 13 per cent. Next was the US on 11 per cent, Japan 5.7 per cent and the European Union with 6.4 per cent.