New Zealand Commodity Price Index -1.3% m/m (prior 3.6%)

The index tracks the prices of 17 of New Zealand’s major commodity exports.

For March 2024 comes in at -1.3% nm/m

• prior +3.6%
• in NZD terms -0.4% m/m (NZD lost ground against its trade weighted index)

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As part of this report ANZ look each month at Global shipping prices.

• Global shipping prices have eased slightly but still remain relatively high due to ongoing congestion in global shipping channels. The Baltic Dry Index, which tends to be particularly volatile, eased 10% in March, but is still up 30% y/y. More ships are now sailing through the Panama Canal, but the Suez Canal is still a ‘no go’ zone for most freighters and this is expected to continue into the second half of the year. This means it costs more to get produce to Europe, impacting our horticultural exports, including apples, kiwifruit, and wine.

This article was written by Eamonn Sheridan at www.forexlive.com.