ANZ's indicator of price trends for New Zealand's 17 main commodity exports.
- fell 0.5% in September, continuing the downward trend since April.
- in local currency terms the index appreciated 3.3% as the NZD depreciated by 2.5% against the Trade Weighted Index
As part of its report ANZ look at shipping costs, this has broad applicability:
- Global shipping prices are dropping fast as global demand to move goods eases.
Good news re supply bottlenecks. Not fully passed on for NZ firms though:
- However, the fall in prices seen across the main global freight paths is not yet being fully reflected in the cost of exporting goods from New Zealand. Here, exporters are still challenged by infrequent and less-reliable shipping services, but upwards pressure on pricing has dissipated. Additionally, the weak NZD means exporters are not benefitting from falling shipping prices if the cost of those services are priced in USD.