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4w ago

Germany Posts Largest Trade Surplus with Russia as Trade Volumes Collapse

EU measures delivered in May 2024 slashed Germany’s imports from Russia to just 0.1 percent of total purchases

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Seit dem Angriff auf die Ukraine ist Deutschlands Außenhandel mit Russland eingebrochen - allerdings sanken die Importe deutlich stärker als die Exporte.

Overview

  • Germany’s imports from Russia plunged 94.6 percent to €1.8 billion in 2024 compared with 2021, driving Russia’s share of German imports down from 2.8 percent to 0.1 percent.
  • Exports to Russia fell 71.6 percent to €7.6 billion, tipping the balance into the highest German trade surplus with Russia since the end of the Soviet Union.
  • Metals overtook oil and gas as the top German import from Russia last year after energy flows were cut under EU sanctions.
  • Pharmaceutical and chemical products comprised the bulk of German exports to Russia in 2024, replacing machinery and vehicles that led shipments in 2021.
  • Across the EU, imports from Russia declined from €163.6 billion in 2021 to €36 billion in 2024 while exports dropped 64.6 percent, underscoring the impact of the EU’s 17th sanctions package.