Russian ports record highest activity level since start of war: Report
Despite sanctions and economic challenges, Russia is experiencing a resurgence in world trade, according to a report by a German think tank.
A recent report by the German think-tank Kiel Institute for the World Economy, reviewed by The Insider, shows that Russia seems to be rejoining the world trade despite attempts at isolating it.
"In Russia's ports, the number of container ships arriving is surging and, despite sanctions and a weak ruble, is almost at the level seen before the outbreak of the war," the report reads.
The institute's assessment depends on data from FleetMon, a German shipping data service, which tracks the quantity of cargo offloaded at Russia's three most significant container ports: St. Petersburg, Vladivostok, and Novorossiysk.
"This occurs despite sanctions imposed by Western nations and the falling value of the ruble, which is disappointing, Russia seems to be rejoining the world trade," Vincent Stamer, the head of the institute's Kiel Trade Indicator said.
While the report notes that the source for these imports is unknown according to the available data, it's notable that recent Bloomberg records show that China's imports from Russia (in dollars) rose to their highest in August.
In August, China imported $11.5 billion worth of Russian products, encompassing energy resources and other commodities. This substantial increase in trade between the two nations has occurred since the outbreak of the war in Ukraine. In the initial eight months of this year, the combined trade volume between China and Russia has already exceeded $155 billion.
Mikhail Mishustin, Russia's Prime Minister, previously stated in May that he anticipates trade between his country and China to soar beyond $200 billion this year, surpassing the previous record of $190 billion established in 2022.
Trade between Russia and China saw significant growth in the period of January to May 2023, surpassing the growth rate of 2022. The trade volume between the two countries increased by 40.7% to reach $93.8 billion, according to data released by the Chinese General Administration of Customs back in June.
In the first five months of 2023, China's exports to Russia amounted to $42.9 billion, marking a hefty year-on-year increase of 75.6%. Meanwhile, Russia's exports to China grew by 20.4% to $50.8 billion.
In May this year, the bilateral trade reached $20.5 billion, with Russia exporting goods worth $11.3 billion to China, while China's exports to Russia reached $9.2 billion.
Comparing this year's numbers with the past year, the total bilateral trade between Russia and China grew by 29.3% and reached a record high of $190.2 billion. The data further indicates that in the first six months, trade between the two countries amounted to $80.675 billion.