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German exports to Russia continue to drop

Trade between the two countries has decreased dramatically this year due to Western sanctions on Moscow

Russian imports of German goods continued to fall in October, the EU country’s federal statistics office (Destatis) said in a statement on Monday.

Exports to Russia dropped by 59.2% to €1 billion in October 2022 compared to October 2021 as a consequence of the war in Ukraine and the sanctions imposed on Russia,” the agency stated. This followed a drop of similar proportions in September, when German exports to Russia fell by nearly 53% year-on-year to €1.1 billion.

Russia ranked 12th among the countries outside the EU to which German exports are directed. In February 2022, prior to the start of Russia’s military operation in Ukraine and the ensuing sanctions, Russia ranked 5th.

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Germany’s overall exports to countries outside the EU were down 1.6% month-on-month. According to provisional data, the country exported goods worth a total of €61.2 billion in October.


READ MORE: Russia sanctions could leave Germans without popular Christmas decoration – Bild

The US remains the largest market for German-made goods among non-EU countries. In October this year, German exports to the US rose by 28.1% compared to the same time in 2021, to €13.9 billion.

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

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https://ift.tt/GfBSPT9 21, 2022 at 09:26PM
from RT – Daily news

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