Visitor arrivals have hit new highs, helped by the Cricket World Cup.
Official Statistics New Zealand figures show 291,800 people visited last month, which is 15 percent more than the same month last year.
There were more visitors from Australia, Britain, China and India.
Meanwhile, more people arrived than departed in March, with a seasonally-adjusted net gain of 5000 migrants.
The annual net gain of migrants in the year to March was a record high 56,300 - up from about 32,000 the same period a year earlier.
ASB senior economist Chris Tennent-Brown said net-migration had levelled off.
"In terms of in-flows and out-flows, they have seemed to have stabilised at the moment."
"But on an annual basis, we're seeing a record number of people arriving, well over 50,000 now, which is very strong in-flows by New Zealand standards," he added.