Rising remittance rates have added to the already existing difficulties of transferring money in China.
Prices for the delivery of cargo from China to Russia have increased in price by at least a third every two weeks. The Moscow Times reported this on Sunday, June 16.
Today’s delivery of a 40-foot container by train from Guangzhou, China to Moscow was found to cost a record $8,500. This is 40% more expensive than in early June, when the same route costs $6,000, and 70% more expensive than in mid-May, when a container can be shipped for $5,000.
Prices are now very close to the peak values at the beginning of 2023, when prices for transportation from China will be at their highest.
As one of the importers told the publication, it was announced that at the end of June the rates will increase by another 20-30%.
“Before, this route was the fastest – the cargo arrived in just two weeks, but now you can spend another two weeks looking for a container and waiting for loading,” an unnamed businessman told the publication. According to him, due to the lack of containers, delivery times have reached two months, which is at least a third less than in May.
Shipping by sea was reportedly slightly cheaper, and there was a severe shortage of containers as ships now had to sail around Africa, bypassing the Cape of Good Hope. This route significantly lengthens the delivery time.
Earlier it was reported that Chinese banks raised the terms of payments from the Russian Federation 12 times.
We would like to remind you that earlier the main Chinese bank for importers from the Russian Federation, Chouzhou Commercial, informed clients about the termination of transactions in Russia and Belarus, regardless of the payment system.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.