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Germany losing Russian markets

Exports dropped nearly 40% year-on-year in May, data shows

German exports to Russia fell sharply in May 2023 compared to last year figures, data from the Federal Statistical Office (Destatis) showed on Thursday.

According to the calculations, exports dropped by 36.7% to 700 million ($760 million). Russia slid to 16th place among Germany’s major export partners outside the EU (third countries). In February 2022, prior to the conflict in Ukraine and the ensuing EU sanctions on Moscow, Russia ranked fifth.

Germany’s overall exports to third countries rose slightly in May against the previous month, by 1%, totaling 59.4 billion. Compared to May last year, however, exports were down 2.3%. The German Economy Ministry recently said that the country’s “export-oriented economy is suffering particularly from the still weak global economy.” The US remained Germany’s largest export partner, importing 12.5 billion worth of German goods last month.

Trade turnover between Russia and EU countries has been steadily shrinking since February last year, mainly due to the sanctions on Moscow. According to Ruslan Davydov, the acting head of the Russian Federal Customs Service, “the EU has lost its status as Russia’s key trading partner,” with its share in the country’s foreign trade dropping from 38% two years ago to 17.6% in 2023.

READ MORE: EU no longer Russia’s leading trade partner – customs head

Earlier, Destatis reported that Germany’s imports from Russia fell by more than 90% over the last 16 months, largely driven by the decrease in Russian energy supplies. In February 2023, Germany imported 300 million worth of Russian products, down from 3.7 billion a year earlier.

For more stories on economy & finance visit RT’s business section

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