Shipping containers from China are “piling up” in Russia amid a surge of Chinese goods flowing into the country as trade soars, a new analysis has found.
Russia has an extra 150,000 shipping containers that importers are scrambling to return to China, logistics platform Container xChange said in a report released Thursday, citing information provided by a customer.
“There is significant cargo movement from China into Russia but very scarce movement back to China from Russia. Containers are piling up in Russia which means that the secondhand container prices are very low in Russia,” CEO Christian Roeloffs said in the report.
This is the best summary I could come up with:
Shipping containers from China are “piling up” in Russia amid a surge of Chinese goods flowing into the country as trade soars, a new analysis has found.
China has emerged as a key economic lifeline for Russia after its invasion of Ukraine as the United States and its allies cut trade and imposed sanctions to choke off the Kremlin’s war effort.
Its report pointed to China’s purchases of Russian raw materials, which are primarily transported via rail tanks and open wagons rather than in containers.
Cars and consumer electronics are among the key products that Chinese suppliers are selling to Russia, after hundreds of global brands fled the country following the invasion.
In the other direction, almost a fifth of China’s crude imports in July came from Russia, the Organization of the Petroleum Exporting Countries said in a report released earlier this month.
Together with India, China accounted for 80% of Russian oil exports in July, the International Energy Agency said in an August report.
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