The costs of sending Kiwi exports overseas has risen significantly amid escalating tensions in the Red Sea.

A report from the Ministry of Foreign Affairs and Trade said global shipping rates have nearly doubled since late April - but they remain below the peak reached during the Covid pandemic.

Export NZ executive director Josh Tan says this is an 'external shock' that runs the risk of impacting inflation. 

"We're impacted by what is happening around the world - so this certainly qualifies."

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