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German Trade with Russia Collapsing: 22% Dive in 1 Year

The EU's anti-Russian sanctions are having a severe effect - just not on Russia

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This post first appeared on Russia Insider


Originally Appeared at German Economic News. Translated from the German by Werner Schrimpf


Germany’s trade with Russia continues to decline.

Germany’s exports to Russia decreased in September 2015 by another 22 % compared to the corresponding month in 2014. Imports from Russia to Germany declined by 29% according to a report from Germany’s Federal Statistical Office.

Beginning with 2014 exports to Russia as well as imports from Russia showed a steady decline. EU trade sanctions became effective on the 23rd of June 2014, and the 31st of July, 2014, according to reports from a government trade organisation, “Germany Trade & Invest.”

Germany’s foreign trade is suffering from the weak demand of emerging countries and it could be the case that German exports to China will decline this year – for the first time since 1997. Germany’s corporations are carefully watching out. “We are just satisfied with orders from other Euro countries” stated Mr. Dirk Schlotboeller from Germany’s Industry Association DIHK. “Orders from Non-Euro countries lag behind more than 10% compared to June this year.”

The situation is even more acute keeping in mind that low euro exchange rates are cheapening German goods in those countries. Economists are expecting some future momentum from Euro countries which are slowly but steadily overcoming their economic problems caused by the debt crisis. “These effects might help Germany’s economy to some extent” according to Mr. Thomas Gitzel, chief analyst at VP Bank.


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