Sharp rise in ocean freight rates triggers import prices in Russia

  • 3 February 2021
  • 641

Household appliances, electronic devices and furniture prices may rise by 10-15%

The rise of container freight rates may lead to an increase in prices of imported goods in Russia. As noted by RBC, various product categories might get affected. Household appliances, electronics, as well as furniture prices may go up by 10-15% in upcoming months.

During the second half of 2020 ocean freight rates started rapidly increasing. By the end of last year, China-Russia rates jumped from USD 1,500 to USD 10,000 per container.

As argued by RBC, ocean freight rate increase could be explained by several factors. Firstly, the US presidential elections in November 2020 led to a spike in demand for China-USA ocean shipping, which resulted in worldwide container shortage. In addition, China introduced new import regulations that led to delays in customs clearance and, as a result, influenced container availability.

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