Tue, 05 Dec 2023

Russian maritime trade forecast to grow

25 Sep 2023, 20:13 GMT+10

Arctic shipping has been a priority for the country's economic development

Russian shipping will continue to expand and will reach 29.6 million tons by 2026, marking a 7.3% increase from 2022, according to a report by the Ministry of Economic Development.

On Friday, the ministry issued its forecast on the country's social economic development for 2024-2026. According to the projection, sea cargo turnover is expected to continue rising in the coming years. In 2023, inland freight traffic is predicted to be up by 2.4%, or 119.2 million tons.

Russia has been steadily ramping up maritime cargo transportation, particularly via the Northern Sea Route (NSR). The NSR, which stretches the entire length of Russia's Arctic and Far East regions, is expected to become a major trade route for goods shipped between Europe and Asia.

The Arctic sea route could drastically reduce transport times, compared to traditional routes through the Suez or Panama canals. In the Soviet era, it was used mainly to supply goods to isolated settlements in the Arctic.

According to NSR developer Rosatom, cargo turnover on the route is expected to see "explosive growth" in the near future.

For more stories on economy & finance visit RT's business section


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