OAO Russian Railways, the country’s government-owned monopoly, said cargo shipments declined in September at the slowest rate this year as industrial production stabilized.
Cargo slid 11 percent from a year earlier to 99 million metric tons, compared with a 12 percent drop in August, the Moscow-based company said in an e-mailed statement today. Coal shipments, which account for about a quarter of volumes, rose 6 percent, while ferrous metal scrap jumped 22 percent and iron ore advanced 5 percent.
Cargo shipments plummeted 20 percent in the first nine months compared with the same period in 2008, the railway said. Its sales made up 2.5 percent of Russia’s gross domestic product last year. Railroads account for about 85 percent of Russia’s cargo transport, excluding pipelines.
Russian manufacturing grew for the first time in 14 months in September as new businesses were formed. VTB Capital’s Purchasing Managers’ Index advanced to 52 from 49.6 the previous month, the Moscow-based bank said yesterday. A reading above 50 signals growth.
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