13.04.2023, 16:34
The volume of Russian imports to Germany fell
Source: OREANDA-NEWS
OREANDA-NEWS Imports of Russian goods to Germany in February 2023 fell by 91 percent compared to the same month a year earlier. These data were provided in a report by the Federal Statistical Office of Germany (Destatis).
In February, products worth about 300 million euros were exported from Russia to Germany. Destatis noted that after the outbreak of hostilities in Ukraine, Russia largely lost its importance for Germany's foreign trade, dropping from 11th to 46th place among the most important suppliers.
According to the agency, such a drop in volumes is largely due to a reduction in the supply of energy resources, which played an important role in the trade of the two countries. Oil and gas exports from Russia to Germany fell by 99.8 percent — from 2.2 billion euros in February 2022 to 4.2 million euros this year. At the same time, Germany imported a total of six billion euros worth of these energy carriers in the same month. Supplies of goods in the opposite direction also decreased significantly, by 60.5 percent. Just over a month from Germany to Russia were exported products worth 800 million euros (2.1 billion euros in February 2022). Statistical office notes that, therefore, the value of goods exported from Germany to Russia in February 2023, 0.5 billion euros exceeded the cost of imported goods. This was the first monthly export surplus in trade with Russia since December 2020. Back in February 2022, the import surplus was 1.6 billion euros.
Earlier it was reported that exports from Germany to Russia by the end of 2022 fell to the lowest levels in nearly 20 years, since 2003. In monetary terms, the decrease was 45 percent, to 15.9 billion euros. The reduction in supplies was especially noticeable in the supply of vehicles, auto parts and electrical equipment.
In February, products worth about 300 million euros were exported from Russia to Germany. Destatis noted that after the outbreak of hostilities in Ukraine, Russia largely lost its importance for Germany's foreign trade, dropping from 11th to 46th place among the most important suppliers.
According to the agency, such a drop in volumes is largely due to a reduction in the supply of energy resources, which played an important role in the trade of the two countries. Oil and gas exports from Russia to Germany fell by 99.8 percent — from 2.2 billion euros in February 2022 to 4.2 million euros this year. At the same time, Germany imported a total of six billion euros worth of these energy carriers in the same month. Supplies of goods in the opposite direction also decreased significantly, by 60.5 percent. Just over a month from Germany to Russia were exported products worth 800 million euros (2.1 billion euros in February 2022). Statistical office notes that, therefore, the value of goods exported from Germany to Russia in February 2023, 0.5 billion euros exceeded the cost of imported goods. This was the first monthly export surplus in trade with Russia since December 2020. Back in February 2022, the import surplus was 1.6 billion euros.
Earlier it was reported that exports from Germany to Russia by the end of 2022 fell to the lowest levels in nearly 20 years, since 2003. In monetary terms, the decrease was 45 percent, to 15.9 billion euros. The reduction in supplies was especially noticeable in the supply of vehicles, auto parts and electrical equipment.
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