Sales are increasing significantly: Germany's imports from Russia are shrinking

German imports from Russia collapse significantly year-on-year. However, significantly higher prices have to be paid for the imported goods, so that the bottom line is a plus. Due to the sanctions, Germany is also exporting fewer and fewer goods to Russia.

Although Germany almost halved its goods imports from Russia in July, it still paid more money for it. In terms of volume, imports fell by 45.8 percent compared to the same month last year, as reported by the Federal Statistical Office. In terms of value, however, they rose by 10.2 percent to 2.9 billion euros.

“The increases in imports are mainly due to the increased prices – especially in the energy sector -” the statisticians explained the opposite development. According to the information, the most important import goods from Russia were oil and natural gas, with a value increase of 1.6 percent to 1.4 billion euros. Gas prices in particular have skyrocketed because Russia repeatedly throttles or suspends supplies. There was also an increase in coke oven and mineral oil products (72.5 percent to 0.5 billion euros) and coal (108.5 percent to 0.3 billion euros).

Western countries have imposed severe sanctions over the Russian invasion of Ukraine that began on February 24. As a result, German exports to Russia fell by 56.8 percent to 1.0 billion euros in July. In contrast, exports to the most important target country for German exports, the USA, grew by 14.6 percent to 12.4 billion euros. Significantly more was also sold in the neighboring countries of France (12.7 percent to 9.5 billion euros) and the Netherlands (12.0 to 9.2 billion euros).

However, German exporters are facing difficult times due to the global economic slowdown. The mood among them clouded over in August for the third month in a row, as the Munich-based Ifo Institute found out in its survey of 2,300 companies. “Companies do not expect any dynamic development in their exports,” commented IFO President Clemens Fuest on this development. “High gas prices and a weak global economic environment are weighing on the outlook.”