Russia-Germany trade turnover falls to lowest level in 16 years
The volume of trade between Russia and Germany declined by 22.2 percent in 2020, year-on-year, to €44.9 billion ($54.4 billion), according to data from the German Committee on Eastern European Economic Relations.
The association said the Covid-19 pandemic and political disagreements led to such a massive reduction in trade turnover between the two nations.
“German-Russian trade was at its lowest level since 2005,” said Oliver Hermes, the committee’s chairman. “2020 turned out to be a very difficult year not only because of the coronavirus, but also due to serious political conflicts that have been noticeably affecting the economy.”
READ MORE: German business continues to invest in Russia, despite Covid-19 pandemic
German exports to Russia decreased by 13.1 percent to €23 billion (around $28 billion). Imports from Russia decreased by 29.9 percent to €21.9 billion ($26.5 billion).
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