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The Ministry of Foreign Affairs and Trade reports that global shipping rates have nearly doubled since late April, but remain far below the peak reached during covid:
“Since December, there has been a 50% fall in shipping traffic navigating the Suez Canal, offset by a 70% jump in sailings around the less direct Cape of Good Hope.”
This is having an impact on NZ exporters such as our meat industry. The Meat Industry Association chief executive Sirma Karapeeva says: “I think the geopolitical uncertainty in some of the shipping lanes, uncertainty and disruption that we’ve seen through the Suez Canal, the Panama Canal and the likes have just added additional complexity and cost to getting our product to market."
You can get the full story here: https://www.nzherald.co.nz/the-country/news/red-sea-tension-new-zealand-exporters-struggling-with-doubled-shipping-costs/42JQQM75YZE2TEOKBO5DJQ4E2U/