Due to the sanctions, exports of goods from Germany to Russia have fallen to 2003 levels. In 2022, the amount of goods delivered in the country is set to fall by 45% to 14.6 billion euros. This was reported by Reuters with reference to preliminary data from the German Committee for East European Economic Relations.
Exports of cars and auto parts as well as electrical engineering products from Germany declined the most. The car market has become one of the most affected sectors of the economy in Russia: its sales are expected to decline by 59% in 2022. By the end of the year, almost no new cars from Western brands were left on the market.
At the same time, those groups of goods that were not subject to EU sanctions became the main products that Germany supplied to Russia. We are talking mainly about pharmaceutical products and agricultural machinery.
However, imports of goods from Russia to Germany, on the contrary, increased by 11%, the agency noted. This was largely due to higher oil and gas prices. As a result, in 2022, Berlin will import Russian goods worth 37 billion euros. And Germany’s trade deficit with Russia has reached a record 22 billion euros, said Michael Harms, executive director of the German Committee for East European Economic Relations.
Due to the increase in prices of energy resources in the spring of 2022, Russia’s trade turnover is set to increase significantly not only with Germany, but also with other EU countries that previously imposed sanctions against Moscow, The New York Times reported. wrote in October, citing data Observatory of Economic Complexity… Thus, after the start of the war in Ukraine, Russia increased trade with the Netherlands (by 32% compared to the average of the previous 5 years) , Spain (by 57%), Norway (by 16%) and Belgium (by 81%).
In 2023, Germany would almost stop importing energy raw materials from Russia, so the trade deficit would be much smaller, Harms said in a conversation with Reuters.
Last year, Russia significantly reduced gas supplies to EU countries. After the Nord Stream explosions, only two functioning gas pipelines remain from Russia to Europe, through which Moscow supplies some 81.9 million cubic meters per day, Reuters calculated.
The import of Russian oil to the countries of the European Union has also decreased. On 5 December, a ban on the purchase of Russian oil transported by sea to EU countries came into force. Now only Bulgaria continues to buy oil from European countries by sea. from A similar ban will come into effect on February 5 for Russian oil products.