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5 Feb, 2023 05:25

German exports to Russia nosedive – data

Trade decreased dramatically last year due to Western sanctions on Moscow
German exports to Russia nosedive – data

Germany reduced exports to Russia in December by 16.7% to €900 million ($988 million) compared to the previous month, according to the country’s Federal Statistical Office (Destatis).

Data showed on Thursday that the volume of German exports to Russia was nearly 60% lower than in December 2021.

Imports from Russia remained virtually unchanged compared to November, amounting to €1.6 billion ($1.7 billion).

Back in 2021, Russia accounted for 2.3% of total German foreign trade and was among the country’s 15 most important trading partners.

Overall, in 2022, the supply of German products to Russia dropped by 43.7% to €14.9 billion (around $16.3 billion), while German imports of Russian goods increased by 6.5% to €35.3 billion (almost $39 billion).

According to the report, Germany’s overall exports to countries outside the EU were down 9.1% in December compared to the previous month, at €56.5 billion ($62 billion).

The US remained the largest market for German-made goods among non-EU countries. In December, German exports to the US stood at €12.3 billion ($13.5 billion).

For more stories on economy & finance visit RT's business section

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