Business News Asia
According to the German statistics office Destatis, German exports to Russia fell by 57.5% to 1.1 billion euros in March. This is due to the sanctions imposed on Russia and to companies boycotting Russia for fear of damaging their own reputation.
The decline in exports has seen Russia drop from fifth place in February to 12th place among Germany’s most important export markets outside the European Union (EU).
German exports to non-EU countries fell by 7.2% in March to 52.8 billion euros. Compared with February, however, they were up 3.2% year-on-year.
The US remains Germany’s largest export market. Exports to the United States totaled 13.5 billion euros in March. This is a year-on-year increase of 21%. Total exports of goods to China reached 100.2 billion euros. This was 1% less than a year ago, while exports to the United Kingdom decreased by 0.3% to €6.4 billion.