EU, Russia Trade Declines 10% in Q1 of 2014
Trade between the European Union and Russia has declined considerably over the first three months of 2014, according to Eurostat figures.
EU imports from Russia have decreased by over 9% in the first quarter, compared to the same period in 2013, Euractiv reported. The official figures will be published on May 16 by Eurostat.
In the other direction, EU exports to Russia dropped by 10.5%, from EUR 28.7 billion to EUR 25.6 billion.
One of the main reasons for this trend is believed to be the standoff between the EU and Moscow on the crisis in Ukraine, as trust between the two sides is dropping to a historic low.
Another possible reason, according to experts, is the relatively mild winter in Europe, which has led to a decrease in energy consumption throughout the 28 member states. The EU imports nearly 1/3 of its gas from Russia.
The effects of the EU sanctions on Russia are yet to be taken into account, as they would kick in only during the second quarter.
- » EC Threatens Punitive Measures against Bulgaria, Serbia over South Stream
- » Finance Ministry Meets with EPIC to Discuss KTB Recovery
- » Bulgaria Braces for Possible Disruption in Russian Gas Supplies
- » Bulgaria’s Caretaker Govt OKs Financial Corrections of BGN 152 M under OP Environment
- » Bulgaria Air to Fly to China, Belarus
- » Power Rates in Bulgaria to Go Up by up to 10% as of October - Watchdog
What have I been saying all this time? It makes no sense for Europe to get into fights with Russia because when you play against the largest and richest economy in the world you will get punished.
Why don't the Europeans just stop this nonsense of opposing Russia's annexation of Ukraine. I've said here many times that the EU should also let Russia annex the Baltics, Belarus, Poland, Czech Republic and Slovakia and together with Bulgaria and Serbia merge to create the People's Slavic Republic.
The future of the world is to unite Slavic people everywhere and create the largest economy in the world. Then we can sell gas cheaply to our comrades in North Korea, Cuba and China and they can sell us cheap sugar and the world will be balanced again.
Wake up Bulgarians, unless we let our Russians take over our country you are destined to failure. (I'm not worried because I won the Canadian Green Card 25 years ago and live in a suburb called Hamilton nobody's heard about with generous welfare cheques from the Canadian taxpayer). Never trust Western people they may be generous but they also think we Slavic people are inferior.
Emerging markets forever.