Net migration has dropped from 52,700 to 48,300 for the year to December 2018, according to official figures.
The number of visitors to New Zealand reached a record high in December last year. Photo: konart/123RF
Annual net migration has gradually fallen since July 2016, when it peaked at 63,900.
Stats New Zealand said this reflected an increase in the number of migrants leaving New Zealand since then - in particular, non-New Zealand citizens.
The number of migrants arriving was up 2 percent to 145,800 and departures were up 9 percent to 97,500.
New Zealand citizens were the largest group arriving back home, with 36,500 arrivals. The next largest groups arriving were from China (15,700), India (14,400), the United Kingdom (7,800), the Philippines (7,600) and Australia (7,400).
The number of visitor arrivals in the year to December was 3.86 million, up 129,500 from last year, population insights senior manager Brooke Theyers said.
"Visitor numbers increased 3.5 percent in the year ended December 2018," Ms Theyers said.
There were 529,300 visitor arrivals in December 2018, the highest for any month on record.
Visitor arrivals in December averaged 17,100 a day.
The United States was the biggest contributor to the increase in visitors.