New Zealand gained more than 70,000 people from migration in the year to January 31, down slightly from the record of mid-2017 but well above long term trends.

A dip in Indian and Chinese student arrivals has seen net migration ease slightly, but the net annual gain remains close to record levels.

In the year to January 31, the number of long term arrivals to New Zealand exceeded the number who left by 70,100, Statistics New Zealand said. 

This is down from the record high of 72,400 reached in July 2017, but is still well above historic trends.

Back in 2013 New Zealand close to 40,000 Kiwis were moving to Australia, however throughout 2017 the number leaving was matched by those returning home and Australians coming to live here.

For January alone the gain was just over 6200, well above both December and the level economists were expecting.

In Opposition, Labour pledged to drastically cut New Zealand's migration gains by 20,000-30,000, although its stance appears to be softening now that it is in Government.

Westpac said January had been unexpectedly strong, and the easing off of annual gains may be arresting.

"While off its highs, net migration is still showing a great deal of resilience. Consequently, even though we expect a continued easing off over the next few years, this may be quite gradual," Westpac senior economist Satish Ranchhod said.

ASB said that the expected tailing off in net migration may be delayed, and be less significant, than had been expected.

Statistics New Zealand said there had been a dip in migrant arrivals on student visas from India and China, New Zealand's two largest education markets, down around 8 per cent to 11,100.

Student visa arrivals from India are down around 45 per cent down from the peak reached in early 2016.

However, the drop in students coming from India and China has been made up with more students from other countries.

The overall number of migrants arriving on student visas was 24,100 in the year to January 31, 2018, down just 150 from the preceding 12 months, Statistics New Zealand said.

China made up the largest net gain in the year to January 2018, at 9300, followed by India (6700), Britain (6100) and South Africa (4900).

The main reason for the high net figure is that net migration to Australia has fallen sharply from recent trends, and remainsmarginally positive.

Just under 25,000 people have left New Zealand to live in Australia in the last 12 months, but this was virtually matched by those returning or Australians coming to live here.

Overall, the net gain from Australia over 12 months was 40.

(Source; Stuff)