Vehicle imports jump past $10b mark

Imports of vehicles, parts and accessories jumped 35.9 per cent to $10.49 billion in the 12 months to the end of May, after only reaching $7.72b in the year prior.

The automotive industry’s contribution helped bump up the total for overall imports, which climbed 28.8 per cent from $59.57b to $76.71b over the same time frame, according to the latest figures from Stats NZ.

A breakdown of the numbers shows the value of imports of vehicles and parts for May alone was $855 million this year, a 1.1 increase from $846m for the same month in 2021. While for the three months to the end of May this year, the total up was up 2.4 per cent from $2.51b to $2.57b.

Vehicles and parts arriving from Japan were up $55m last month when compared with May 2021, while the value of such commodities coming from the US tumbled $38m, Stats NZ says.

Statistics covering broad economic categories show passenger motor car imports alone totalled $6.08b in the year to the end of May, an increase of 31.6 per cent from $4.62b in the previous 12-month period.

Passenger cars also accounted for $557m of imports in May 2022, which was a drop of 1.2 per cent from the $564m recorded in the same month a year ago. 

However, last month’s tally was the second-highest monthly figure since May 2021 and was only eclipsed by the $564m of passenger car imports in June last year.

For May alone, overall goods imports were $6.7b and goods exports were $7b, making the monthly trade balance a surplus of $263m.