Down 0.4% m/m, in local currency terms the index gained 0.7% due to the NZD continuing to depreciate against the currencies of many of New Zealand's trading partners.
ANZ remark on global shipping:
- Global shipping prices have generally eased over the past month, with the volatile Baltic Dry Index falling 15% in June.
- However, the China Containerised Freight Indices have started to lift again recently.
- Despite the overall improvements, many New Zealand exporters continue to report challenges in moving goods to market in a timely manner. Shipping costs are expected to remain elevated until supply chains start to consistently function in a more efficient manner.
