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Consumer expenses to decline in global transport sector — Russian trade delegate

BRICS expansion "must diversify trade routes, introduce alternative payment systems, and expedite the development of infrastructure," Russian Trade Commissioner to Singapore Mikhail Bondarenko said

TOKYO, December 13. /TASS/. Four key trends will dominate the global shipping sector and the international transport industry in 2024, Russian Trade Commissioner to Singapore Mikhail Bondarenko said.

"Four trends will be observed next year in the shipping and transport industry: a decline in consumer expenses caused in particular by inflation; container surpluses above the forecasted demand; geopolitical changes, including continuing conflicts, and a shakeup in partnerships, such as BRICS, which will lead to a change in trade and transport routes, along with the China+1 strategy, with companies diversifying their supply chains and operations from China within this framework," Bondarenko said.

BRICS expansion "must diversify trade routes, introduce alternative payment systems, and expedite the development of infrastructure," the trade representative added.

This year has been very challenging for the transport sector due to the geopolitical situation, inflation and an imbalance between supply and demand, Bondarenko noted. Geopolitics "will play the decisive role" next year, he said. "Current conflicts in the world are already disrupting global supply chains - these are problems with safety and food delivery, the effect of sanctions, and possible disruptions of trade via the Suez Canal," he added.

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