Dry cargo throughput for the first three months of this year the Russian Baltic port of St. Petersburg has fallen by 34% compared to the same period last year, reports said.
The global recession has not spared the Russian Baltic port of St. Petersburg.
Dry cargo throughput for the first three months of this year has fallen by 34% compared to the same period last year, reports said.
Box throughput suffered the biggest slump, with one port operator reporting a 70% year-on-year decline in volumes handled.
Containers moving into St. Petersburg are said to largely import consumer goods from Asian manufacturing hubs such as China.
Analysts believe depreciation of the Russian rouble has made foreign imports more expensive.
In addition, Russian consumers, like consumers in most other economies, have been cutting back on spending due to job losses and reduced pay cheques.
Broader economic data is backing that sentiment with retail sales having fallen in February for the first time since 1999, while rail freight witnessed a 27% year-on-year drop in volumes for the first three months of this year.
Optimistic industry watchers however, have pointed out that St. Petersburg's throughput fell 36% over the first two months of this year.
Compared to the 34% dip for January to March, some say this could be indication of an easing of the slowdown or even recovery during March.
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