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.
Imports into China rose at a more modest 13.3% to $83.3 billion. Russia has said it expects trade with China to reach a record $200 billion this year — a year ahead of the schedule that President Vladimir Putin and Chinese leader Xi Jinping had set in 2019. Their growing trade ties have shifted Russian energy trade eastward and sparked criticism that China’s economic support is backing Russia’s war on Ukraine.
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