Electric vehicle imports fall dramatically but we still have a trade deficit

The value of imports plummeted in November but New Zealand still racked up a trade deficit.

A huge decline in electric vehicle imports featured strongly in the latest trade data.

Imports of vehicles, parts, and accessories fell $352 million or 31 per cent to $798m.

Car imports fell substantially in November. Photo / Michael Craig

Electric vehicle (EV) imports were down $124m or 56 per cent.

Overall, passenger car imports fell $183m and truck or goods vehicle imports fell $93m, or 50 per cent.

The decline in EV imports comes with the imminent scrapping of the clean car rebate scheme.

The new Government intends to do away with the clean car discount in New Zealand by December 31.

Meanwhile, Stats NZ said overall goods exports fell by $337m in November to $6 billion.

Goods imports fell by $1.3b or 15 per cent to $7.2b and the overall deficit was $1.2b.

Exports to China in November were down $183m compared to October.

Stats NZ said live animal exports to China were down $62m, and milk powder, butter and cheese exports to that country were down $56m.

But exports of logs, wood and wood articles went up $49m.

Imports from Japan were down but exports to the United States and China were up.

In the year to November 30, goods exports were valued at $69.3b, down $2.2b from the previous year.

Annual goods imports were valued at $83.2b, down $3.3b from the previous year.

New Zealand has not recorded an annual trade surplus since April 2021.