Status: 04/21/2022 10:08 a.m
Exports from German companies to Russia fell by more than half in March. The country thus slips down significantly in the ranking of the most important target countries for German exports.
German exports to Russia fell drastically in March as a result of the Ukraine war and Western sanctions. Compared to the same month last year, they fell by 57.5 percent to 1.1 billion euros, as reported by the Federal Statistical Office. Russia was thus only in twelfth place among the most important destination countries for exports from German companies. In February, the country was still in fifth place – at that time, German exports to Russia still totaled 2.4 billion euros, despite a noticeable decline compared to January.
Exports to other countries down
Exports to countries outside the European Union fell by a total of 7.2 percent in March compared to February and totaled 52.8 billion euros after calendar and seasonal adjustment. Compared to March 2021, however, this was an increase of 3.2 percent.
The USA remains the most important trading partner
In March 2022, the most important trading partner for German exporters was again the USA. Goods worth 13.5 billion euros were exported there, 21 percent more than in the same month last year. Goods worth 10.2 billion euros were exported to China and goods worth 6.4 billion euros to Great Britain.
Difficult year for export economy
The export economy is expecting a difficult year. “The Ukraine war is having a massive impact on German foreign trade,” Dirk Jandura, President of the BGA industry association, recently warned. The medium to long-term effects are so far hardly foreseeable.
The German Chamber of Industry and Commerce (DIHK) sees it similarly, which also points to the corona wave in China. “The economic consequences of the Russian war in Ukraine and the renewed intensification of production and logistics disruptions in China are shaking world trade,” emphasized DIHK foreign trade chief Volker Treier.