The number of people returning home or moving to New Zealand to live has slowed for a second straight month.
Statistics New Zealand says migrants totalled a net 770 in April, and 19,954 on an annual basis, down 12% from the peak in January.
The reduction is due to more New Zealanders' heading offshore, mainly to Australia.
ASB economist Jane Turner says the current turmoil on financial markets is unlikely to derail people's plans to move overseas in the short term, and it is too early to say whether the current volatility will affect longer term migration flows.
Meanwhile, the number of tourists coming here fell 1.8% in April, which Ms Turner says has been driven by the timing of Easter and school holidays in some parts of Australia, meaning people travelled in March instead.
There have been been more visitors from South Korea, but fewer from Britain, the United States and Germany.