Value of vehicle imports rises
The value of imports of vehicles, parts and accessories increased by $1.1 billion to hit $11.5b in the year to the end of February 2023, a climb of 10.2 per cent from the previous 12-month spell.
The category had a more modest 2.1 per cent climb for February alone, rising from $843 million in February 2022 to $861m last month, according to new data from Stats NZ.
Meanwhile, for the three months to the end of February, the 2023 figure was $2.6b and had increased 2.2 per cent from the same period a year earlier.
Passenger motor car imports accounted for $6.8b of the category’s total for the year ended February 2023, rising 12.8 per cent from $6b.
The value of passenger cars for February was $537m, up 9.5 per cent from $490m in the same month a year ago and leaping 33.6 per cent from January’s $402m.
Stats NZ also notes the value of vehicle imports from Australia fell $24m in February.
The total value for all goods imports last month was $5.9b, which was $40m, or 0.7 per cent, higher than in February 2022.
Good exports climbed by $41m, or 0.8 per cent, over the same timeframe to $5.2b to make the monthly trade balance a deficit of $714m.
The annual trade balance came in at a $15.8b deficit, compared with an $8.7b deficit in the year ended February 2022.
