Business News Asia
Germany’s Eastern European Economic Relations Committee announced that German exports to Russia last year fell to their lowest level since 2003, resulting in a record high trade deficit with Russia.
According to the committee, German exports to Russia were 14.6 billion euros in 2022, a 45% decrease compared to 2021. Meanwhile, imports from Russia increased by 11% to 37 billion euros. This resulted in a trade deficit of 22 billion euros, the highest in history.
The committee expects that German exports to Russia will remain sluggish in the current year, due to Western sanctions imposed on Russia after Russia sent troops to invade Ukraine in February 2022.
The decline in exports to Russia has significant implications for the German economy, which has historically had strong trade ties with Russia. It also highlights the ongoing impact of the political tensions between Russia and Western countries on international trade.