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German trade with Russia nosedives – data

Both imports and exports have been in decline, statistical agency Destatis says

Germany reduced exports to Russia in February by 14.3% to €900 million ($984 million) compared to the previous month, according to the Federal Statistical Office (Destatis).

Data showed on Tuesday that imports from Russia plummeted by 67.2% month-on-month to €300 million ($328 million).

The overall volume of German exports to Russia in January-February was nearly 60% lower than during the same period a year ago, while imports declined 82.8%.

In 2022, the supply of German products to Russia stood at around $16.3 billion. Imports of Russian goods amounted to almost $39 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.

According to Destatis, Germany’s exports of goods to countries outside the EU in February rose by 6.6% in monthly terms to €62.8 billion ($68.7 billion). Imports from the third countries were also up by 4% to €57.9 billion ($63.3 billion) on a calendar and seasonally adjusted basis.

The US remained the largest market for German-made goods among non-EU countries. In February, German exports to the US stood at €14 billion ($15.3 billion).

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April 05, 2023 at 03:28PM

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