ANZ World Commodity Price Index data.
Down 0.1% m/m in December
- vs. down 3.9% in November
In NZD terms down 3.8% (NZD rose 2.1% against its Trade Weighted Index)
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In y/y terms down 11.4% in December
- November was down 11.5% y/y
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As part of its report ANZ look at global shipping rates, which is of broader interest:
- Global shipping prices have fallen sharply and are nearing pre-pandemic levels.
- Demand for container shipping has also fallen as consumer demand for manufactured goods eases.
- Ship operating costs have reduced due to lower fuel prices, as well as fewer delays at ports as congestion dissipates.
- Shipping demand is expected to remain weak until after the Chinese New Year holiday period, with the volume of goods traded globally throughout 2023 forecast to remain subdued
