MOSCOW, February 22. /TASS/. The Russian container market gained 13.3% year on year and climbed to 518,000 TEU [20 ft container equivalent - TASS] in January 2024, the Fesco shipping group reported on its official Telegram channel.

"According to data of Fesco analysts, the Russian container market surged by 13.3% in January 2024 against the like month of 2023 to 518,000 TEU," the company said.

Market growth in January was driven by the recovery of shipments via Baltic basin seaports amid opening of new foreign trade services between St. Petersburg and Asian countries, Fesco noted.

"Imports rose by 9% to 240,000 TEU, exports - by 11.6% to 134,000 TEU, and transit [increased] by 20.1% to 48,000 TEU. Domestic transportation surged by 25% to 95,000 TEU," the company added.

Compared to December 2023, the Russian container market edged down by 8% in view of the drop in export and internal carriage by 12% and 13% respectively. "This drop was partly caused by the ‘high base’ effect of December 2023 and remaining complications with dispatching container trains in the Eastern Range direction," the shipping group noted.

The container market of Russia encompasses international commerce and transit container turnover in national ports and border crossings of Russian Railways, container transportation along the Russian Railways network inside the country, and coastal transportation.