German Exports to Russia Collapsed by 45% in 2022
German exports to Russia fell sharply in 2022 in view of European Union sanctions against Moscow over its war in Ukraine, while German companies ended business in the country, reported the German East Business Association.
German exports to Russia shrank 45 percent year-on-year to nearly 15 billion euros in 2022, the lowest level in two decades, the association said.
"The disengagement from the Russian market is progressing rapidly and will continue into 2023," Michael Harms, managing director of the German Eastern Business Association, said at the group's spring press conference in Berlin.
While the German economy has been able to adapt surprisingly quickly to a world without Russian energy supplies, the Russian economy is headed for a crisis, believes the business association. While Russia's economy won't collapse overnight, Harms noted that "sanctions, the withdrawal of foreign companies and the exodus of hundreds of thousands of young workers are having a toxic effect."
The drop in exports to Russia was more than offset by a double-digit increase in exports to other markets in Central and Eastern Europe, Michael Harms said, adding that Germany's trade with Central and Eastern Europe rose to a new high of 562 billion euros in 2022.
As a result, the 29 countries of Central and Eastern Europe continue to contribute 18 percent to total German foreign trade, more than China and the United States combined, according to the German Eastern Business Association.
With a decline of just 7% in 2022, trade with Ukraine has collapsed less than would be expected given the dramatic situation and is even on track to recover by late fall, Harms said.
German companies in Ukraine have maintained or quickly restored production where possible, Harms noted. German companies are also intensively involved in the restoration of the destroyed infrastructure and the long-term recovery of the country, he pointed out.
Follow Novinite.com on Twitter and Facebook
Write to us at email@example.com
Информирайте се на Български - Novinite.bg
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
- » The International Criminal Court ordered the Arrest of Vladimir Putin
- » Pro-Ukrainian Russians briefly attacked Russia’s Bryansk region - Putin declared it “Terrorist Attack”
- » Medvedev: Russia should expand its Borders at least to Poland
- » Orban: Russia cannot Win, but it can Start a Nuclear War
- » "Fighting for our Historic Borders": Putin Spoke 4 Minutes in a Stadium protected by Air Defense Systems
- » Russia has Deployed Nuclear Weapons in the Northern Fleet for the first time in 30 years