German exports to Russia have fallen by almost 60% since the beginning of the year

Germany doubled its exports to the Commonwealth of Independent States (CIS), while to Russia it fell by almost 60%. About it reported at the German Federal Statistical Office (Destatis).

“Exports to the Russian Federation fell from EUR 8.4 billion in the first four months of 2021 to EUR 3.5 billion in the first four months of 2023. <...> Thus, the growth of exports to the CIS countries accounted for less than a third of the fall in exports to Russia,” the report says. The fall in exports amounted to 4.9 billion euros (by 58.3%) compared to January-April 2021, the ministry said.

Over the same period of this year, exports to the CIS countries more than doubled, by 106.4%. In total, goods were exported worth 2.9 billion euros, the figure for the first four months of 2021 amounted to 1.5 billion euros (an increase of 1.4 billion euros).

Fall 2022 Destatis informedthat the volume of exports from Germany to Russia fell by 52.9% (to 1.1 billion euros) in September in annual terms. In addition, imports to Germany from Russia then decreased by 37.4% and amounted to 1.8 billion euros.

Head of the direction “Economics of the Non-Resource Sector” of the Center for Strategic Research Ksenia Bannikova told Vedomosti that in March-June 2022, the average monthly decline in exports from Germany to Russia amounted to 60%. According to the ITC Trade Map, the largest decline in exports in the first half of the year was observed among land transport vehicles and some of their parts, electrical machinery and equipment, mechanical devices, etc.