- Germany-Russia Trade Slid 3.5% to $33Bln in 2019 Amid Sanctions - Business Association
Germany-Russia Trade Slid 3.5% To $33Bln In 2019 Amid Sanctions - Business Association
Faizan Hashmi 26 days ago Fri 23rd August 2019 | 07:30 PM
Trade between Germany and Russia slid 3.5 percent from January-June to $33 billion amid the fallout of sanctions and the weakening ruble, the German Eastern Business Association said Friday
Trade between the two has been in decline since 2012, when Russia was Germany's biggest partner in East Europe. Germany is still Russia's second biggest partner but its gap with first-placed China is widening.
"The slowing dynamic in Russia is primarily caused by a low exchange rate of the ruble, slumping oil trade revenues and weak reform dynamic. But sanctions have hurt us too," the association's chief executive, Michael Harms, said.