For the New Zealand dollar, the index rose 1.5% on a monthly basis as the NZD Trade Weighted Index fell 0.7%.
As part of this report, ANZ covers global shipping rates:
Global freight rates remain high as ships continue to avoid the Suez Canal due to ongoing tensions in the Middle East, and congestion at the Port of Singapore. The volume of cargo passing through the Suez Canal has fallen to about a third of normal levels. Most ships are rerouting around Cape Horn, effectively reducing ship supply and putting pressure on freight rates. Most New Zealand exports are destined for Asia, meaning our direct exposure to issues in the Middle East is limited, but we are directly affected by delays in ships entering and discharging in Singapore. The combined impact of the disruptions means fewer ships are available to serve New Zealand, and exporters are now reporting increased costs to get products to market.