German Trade with Russia Increases 20 Percent in 2017

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german-russia-flag-minGerman exports to Russia last year rose by more than a fifth over 2016, according to data by Germany’s Federal Statistical Office (Destatis). This marked the first increase since 2012 when German exports to Russia stood at €38 billion before they started shrinking on the back of an economic slump in Russia compounded by sanctions imposed on Moscow.

In the first 11 months of last year, German companies sold €24.1 billion worth of goods to Russia, with demand for machinery and cars being especially strong, the German Federal Statistics Office said on Monday.

German exports to Russia from January to November last year were 21 percent higher than a year earlier, according to the office. In 2016 as a whole, Germany exported €21.5 billion worth of goods to Russia.

Meanwhile, German imports from Russia increased by 19 percent in the first 11 months of last year to €28.6 billion. This was mainly due to increased demand for Russian natural gas and crude oil, Destatis said.

 

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