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German exports to Russia have recently increased again

2022-07-04T12:59:10.632Z

Despite sanctions and the withdrawal of companies, German exports to Russia increased between April and May. A certain product group is probably responsible for the plus.



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Port of Hamburg: Surprising figures from Russia

Photo: MiS / IMAGO

Western countries have imposed sanctions on Russia since Russia invaded Ukraine on February 24.

As a result, exports from Germany to Russia fell by almost 60 percent in March and by a further 9.9 percent in April.

But in May, exports to Russia increased again compared to the previous month - by 29.4 percent to one billion euros, as reported by the Federal Statistical Office.

Above all, the export of pharmaceutical products has increased, said a spokesman.

These products are exempt from sanctions.

The increase is partly due to higher prices.

The statisticians want to announce further details after an evaluation in the coming days.

Imports from Russia to Germany fell by 9.8 percent to 3.3 billion euros in May compared to the previous month.

Russia mainly supplies raw materials and energy.

Overall, German exports fell surprisingly in May due to weaker demand from the EU countries.

The Federal Statistical Office announced that they were 0.5 percent lower than in the previous month and thus totaled 125.8 billion euros.

Imports, on the other hand, rose by 2.7 percent.

Less exports to other European countries

"Most German exports went to the United States in May 2022," the statisticians summed up.

5.7 percent more goods were exported there than in the previous month, taking them to a value of 13.4 billion euros.

Exports to the People's Republic of China increased by only 0.5 percent to 8.7 billion euros.

Exports to Great Britain shrank by 2.5 percent to 5.8 billion euros, while those to the EU countries fell by 2.8 percent to 67.5 billion euros.

However, if you use the previous year's figures for comparison, Germany's exporters did much better business.

Within a year, exports "Made in Germany" rose sharply in May by 11.7 percent to 125.8 billion euros.

Imports increased by 27.8 percent to 126.7 billion euros.

Exports to Russia fell by 54.6 percent year-on-year.

German exporters are going into the second half of the year with less optimism.

The barometer for export expectations fell in June by 0.7 to 3.7 points, as the Munich Ifo Institute found out in its monthly survey of 2,300 industrial companies.

Previously there had been two increases in a row.

"Logistics problems and a high level of uncertainty are depressing the outlook for the German export economy," said Klaus Wohlrabe, head of the Ifo surveys.

mmq/Reuters/dpa

Source: spiegel

All business articles on 2022-07-04

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