The index tracks the prices of 17 of New Zealand's major commodity exports, including dairy products, meat, wool, forestry products, and seafood.
In New Zealand dollar terms, the index lifted 0.2% m/m as the NZD Trade Weighted Index fell 1.9% in July.
As part of the report are comments from ANZ on shipping prices:
- Global shipping prices generally firmed through July. Escalating tensions in the Middle East continue to make it very difficult to move product through the Suez Canal, meaning ships are tending to take longer, more time consuming routes to get to market. This means the supply of ships and containers is tighter than usual, which is supporting shipping prices despite global manufacturing and trade being relatively weak at present. Seasonal demand for shipping tends to peak in the third quarter each year so this extra demand is expected to underpin prices for the next few months.
