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Shipping delays cost New Zealand businesses over $1 billion per year

Posted On: Feb. 1, 2023 9:59 AM CST

Australia-based consultancy group TMX Global said that shipping delays caused by COVID-19 restrictions, the Ukraine war, and climate change are costing New Zealand businesses $1.7 billion New Zealand ($1.09 billion) in lost revenue a year, Stuff reported. Caleb Nicolson, general manager at TMX Global NZ, said that New Zealand was more exposed to supply chain troubles than most other developed nations and warned that further disruptions are likely this year due to the geopolitical uncertainty.