Vehicle imports hit $1b

The value of imported vehicles, parts and accessories came in at $1 billion in June, up $131m from the same month a year ago, according to new figures from Stats NZ.

The 15 per cent jump contrasted with the total value for all merchandise goods imports dropping $1.1b, or 14 per cent, over the same period to $6.3b.

Petroleum products was a major contributor to the overall drop as that category tumbled $374m, or 32 per cent.

Exports for June 2023 increased $84m, or 1.3 per cent, to reach $6.3b, and the monthly trade balance was a surplus of $8.8m.

A further breakdown of the latest overseas merchandise trade figures from Stats NZ reveals vehicles, parts and accessories also recorded an increase in value for the three months ended June 2023, rising 9.8 per cent from the same period a year earlier to hit $2.8b.

For the year to the end of May, the automotive tally grew 13.5 per cent from a year earlier to $11.8b.