As countries have imposed massive sanctions against Russia due to the war in Ukraine, the value of imports from Russia to Germany is increasing. This is according to data from the German Committee for Eastern European Economic Relations.
The value of imports rose to no less than 37 billion euros in 2022. According to the committee, the cause is the sanctions, which have pushed up gas and oil prices. As a result, the value of imports increased by a total of 11%.
While the value of imports increased sharply, the value of exports from Germany to Russia decreased dramatically. In total, only 14.6 billion euros of goods were imported from Russia to Germany in 2022. This is a 45% decrease from 2021, meaning that the value of exports is at its lowest level since 2003.
Gloomy prospects
The committee does not foresee anything good for the future either. “The outlook for exports remains bleak,” says Michael Harms, director of the committee. He expects exports to stabilize. He also expects the trade deficit to decrease, which has now risen to more than 22 billion euros. This is said to be because Germany imports less energy raw materials from Russia.
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Source: BNR
Sharon Rock is an author and journalist who writes for 24 News Globe. She has a passion for learning about different cultures and understanding the complexities of the world. With a talent for explaining complex global issues in an accessible and engaging way, Sharon has become a respected voice in the field of world news journalism.
