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BERLIN (Reuters) – German exports to Russia slumped by 57.5% to 1.1 billion euros ($1.2 billion) in March due to sanctions imposed after the invasion of Ukraine, Germany’s Federal Statistical Workplace stated on Thursday.
That decline demoted Russia to Germany’s Twelfth-biggest export market outdoors the European Union, down from fifth in February.
Russian troops invaded Ukraine in what Moscow calls a “particular army operation” on Feb. 24, prompting the West to impose powerful sanctions. These embody export restrictions.
General, German exports to international locations outdoors the European Union fell by 7.2% to 52.8 billion euros in March in contrast with February. Nonetheless, they had been 3.2% larger than in March 2021.
America was nonetheless the largest export marketplace for Germany, with items price 13.5 billion euros being shipped there in March, 21% greater than a 12 months earlier. Items price 10.2 billion euros had been exported to China, 1% lower than a 12 months earlier, whereas exports to Britain eased by 0.3% to six.4 billion euros.
Germany’s BGA commerce affiliation stated final month a survey of its members confirmed most anticipated an financial slowdown because of the Ukraine battle, however that enterprise nonetheless backed the federal government’s sanctions in opposition to Russia.
($1 = 0.9214 euros)
(Reporting by Rene Wagner; Writing by Maria Sheahan; Modifying by Miranda Murray, Robert Birsel)
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