Page 151 - RusRPTJan23

Cargo turnover at Russian ports continues to rise in November.
According to the Federal Agency for Sea and Inland Water Transport, cargo turnover at Russian seaports over 11m22 amounted to 768.2mn tonnes, up 0.6% y/y. Liquid cargo volumes were up 3.7% y/y, while dry cargo volumes were down 2.6%.
Based on the 11m22 data, we estimate that cargo turnover growth accelerated from 3.3% y/y in October to 7.7% in November, which is the second highest level this year (turnover rose 9.1% y/y in January).
Liquid cargo turnover was up 3.7% y/y in November after falling 3.8% y/y in October. We attribute this to the ongoing increase in crude oil exports to India, and to the fact that November was the last month before the G7 and EU implemented the price cap on Russian oil (the restrictions for crude oil kicked in on December 5; importers of Russian oil stepped up their purchases before the price cap came into force).
The increase in bulk cargo turnover accelerated to 12.4% y/y from 8.8% in
151 RUSSIA Country Report January 2023 www.intellinews.com