24th March 2015 11:24 clock

Russia: Economics, Russia, Russia Sanction, European Union, Export, economic, record, Crimean annexation, car manufacturers, DIHK, Euro, vehicle, financial crisis, recession, rubles, emerging, Federal Statistical Office, currency

The “Marco Polo” is the largest container ship in the world. | © Patrick Lux / Getty Images

German exports to Russia a break. They totaled in January this year to just under 1.44 billion euros. That’s a good one billion euro or 35.1 percent less than a year earlier. This is clear from the data of the Federal Statistical Office. A stronger decrease was most recently in October 2009, when the global financial crisis slowed exports. Reason for the current decline are imposed by the EU sanctions against Russia after the Crimean annexation in the spring of 2014.

The sharp fall comes as a surprise to experts. The German Industry and Commerce (DIHK) had been a decline of more than 15 percent expected after exports had fallen by 2014 more than 18 percent to 29.3 billion euros. Germany provides mainly machinery, vehicles and chemical products to Russia.

Russia also put in a recession, while the domestic currency rubles has substantially depreciated. This also reduces the purchasing power of Russian customers, which also expresses the demand for German goods. Germany exports not only less to Russia, but also imported less from an emerging country. Imports fell in January also a good third to almost 2.5 billion euros.

Germany but in spite of the negative in Russia trade and a weak economy in the euro-partner countries last year a record achieved export surplus. With an increase of 216.9 billion euros the previous record of 195.3 billion euros in 2007 significantly exceeded.