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products.
Meanwhile, fish and seafood shipments lost 12% year on year in 2022 and dairy shipments contracted by 1.9%, Agroexport informed.
The price of shipping goods on vital global trade routes has fallen 85% below its peak as the cost of living crisis hits consumer spending and pandemic-related supply chain disruption eases. In June it cost $1,444 to ship a standard 40-foot steel container from eastern China to the US west coast at short notice, according to shipping data specialist Xeneta, down from a peak of $9,682 in March last year. The quantity of goods shipped is also down 5% from January 2022 levels, according to the Kiel Institute, a German think tank. This drop is caused by a decline in demand for goods – 90% of which reach retailers by ship – due to a sharp rise in inflation. With inflation still high and central bank rates set to rise further, demand is expected to remain weak for the rest of the year. After several years of record profits, shipping groups have already warned investors of the risk to their bottom line.
● Partners & regions
German exports to Russia fell by 36.7% year on year in May 2023, the federal statistical agency said in its report released on June 23. In monetary terms, export activity dropped to about 400mn euro. Since February 2022, Russia has moved from fifth to sixteenth place on the list of top non-EU exporters of goods and services to Germany. German exports to Russia totaled 700mn euro in May.
Russia will pay particular attention to development of the North - South transport corridor and plans to double export traffic along this route, President Vladimir Putin said at the plenary session of the St. Petersburg
80 RUSSIA Country Report July 2023 www.intellinews.com