Vehicle imports tumble $1.8b

The total value of imports of vehicles, parts, and accessories to New Zealand fell $2.95 billion to $8.9b in the year ended October 2024, a drop of 25 per cent when compared with the prior period.

The new data from Stats NZ shows the decline was led by passenger motor vehicles also tumbling by 25 per cent, or $1.8b, to $5.36b over the same time frame.

Vehicles for the transport of goods slipped $469 million to $1.72b, and motor vehicle parts and accessories were down $23m to $623m.

Viki Ward, Stats NZ’s international accounts spokesperson, says: “All but one of the main categories fell in vehicles, parts, and accessories with cars, trucks and vans, and tractors the main drivers. 

“This is the 11th consecutive fall in this category’s imports value when compared with the same period of the previous year.”

The decline in imported passenger motor vehicles was spearheaded by electric vehicles plunging by $853m. Meanwhile, petrol cars between 1.5 and three litres were down $340m, and petrol and diesel cars under 1.5 litres dropped by $296m.

The only category to rise was diesel cars between 1.5 and 2.5 litres, which rose $120m.

“Hybrid electric vehicles were the top imported passenger car in the year to October 2024,” Ward adds.

By country of origin, Japan led the fall in imports of passenger motor vehicles, with a drop of $474m. Next was the EU, down $473m, and China, which lost $407m.

The total imports value of all merchandise goods for the year ended October 2024 was $78.6b, a fall of $5.9b or 6.9 per cent when compared with the year ended October 2023.