The ANZ World Commodity Price Index gained 2.4% m/m in December
- prior was -1.2%
For the y/y, came in at -1.8% y/y.
ANZ's report cites:
- Dairy prices improved to drive the index higher, more than offsetting weaker aluminium prices.
- In New Zealand dollar terms, the index lifted 1.9% m/m as the NZ dollar gained 2.4% against the trade weighted index.
As part of this report on New Zealand export prices ANZ includes comments on global shipping, which are particularly relevant right now given the chaos in the Red Sea.
- Global shipping prices are once more trending higher, eroding exporters’ margins. The Baltic Dry Index, which tends to be the most volatile of the shipping indices, spiked to an 18-month high in early December, with this index doubling during 2023. Conflict in the Red Sea is adding to the cost of moving goods to Europe as some ships are now opting for longer routes to avoiding the Suez Canal, and insurance for shipping is now more expensive.
