Value of vehicle imports grows

The value of imports of vehicles, parts and accessories increased by $1.3 billion to reach $10.6b in the year to the end of August, a climb of 14 per cent from the previous 12-month spell.

The category also recorded a year-on-year jump of $153 million, or 17.1 per cent, for the month of August alone as imports rose to $1b, according to the latest figures from Stats NZ.

Trucks and vans drove most of the sector’s monthly increase as their value grew $96m or 65 per cent over the same timeframe.

Passenger motor car imports accounted for $539m of imports in August 2022, which was a drop of 4.5 per cent from the $564m recorded in the same month a year ago.

This coincided with a $7.5m, or 1.7 per cent, drop in overall imports from Japan, to $435m last month. The tumble was led by a $21m, or 6.8 per cent, fall in vehicles, parts, and accessories.

The total value for overall imports was $7.9b last month – a $1.4b, or 22 per cent, increase from August 2021.

Petroleum and products led the rise in monthly imports for the fourth month in a row as they climbed $462m, or 79 per cent, to $1b.

With goods exports only reaching $5.5b in August, the monthly trade balance was a deficit of $2.4b.