However, import value increases sharply
German exports to Russia collapse
08/12/2022 3:29 p.m
The sanctions are having an effect: Germany increased its exports of goods in the first half of the year, but companies exported significantly less to Russia than a year ago. Imports from the country are also falling. Nevertheless, their value increases massively.
German exports to Russia fell significantly in the first half of the year as a result of the sanctions imposed because of the Ukraine war. According to the Federal Statistical Office, exports of goods fell by 34.5 percent year-on-year to EUR 8.3 billion.
Imports from Russia, on the other hand, increased – also due to higher energy prices – by 51.3 percent to 22.6 billion euros. In terms of volume, however, imports fell by 24.0 percent, as the authority announced. The import surplus in trade with Russia multiplied as a result: from 2.2 billion to 14.2 billion euros. Germany is dependent on energy imports from abroad. Oil and gas prices have risen significantly since the beginning of the Ukraine war. Russia mainly supplies raw materials and energy.
According to the statistics office, Germany increased its exports of goods by 13.4 percent to 763.9 billion euros in the first half of the year. During the same period, imports increased by 26.5 percent to 729.6 billion euros. The most important export goods were motor vehicles and motor vehicle parts with a value of 116.3 billion euros, followed by machines with a value of 99.2 billion euros.
The mood among German exporters clouded over at the beginning of the second half of the year – also because of the gas crisis: “The gas shortage is having a negative impact on the outlook for German exports,” the IFO Institute recently explained.