BERLIN: German exports to Russia last year rose for the first time since 2012 due to a recovery of the Russian economy, which had been hit by sanctions over Moscow's involvement in the conflict in east Ukraine, data showed on Monday.
German companies sold goods worth 24.1 billion euros ($29.53 billion) to Russia in the first eleven months of 2017, according to data from the Federal Statistics Office, with demand for machinery and cars being especially strong.
The export volume from January to November in 2017 marked an increase of 21 percent on the year and it was higher than the 21.5 billion euros registered during the whole of 2016.
It marks the first increase since 2012 when German exports to Russia stood at 38 billion euros and then started falling due to an economic slump in Russia exacerbated by sanctions.
German imports from Russia also flourished last year, rising by 19 percent to 28.6 billion euros on the year in the first eleven months of 2017, mainly due to increased demand for Russian oil and gas, the data showed.
The data chimes with figures released earlier this month that showed exports contributed to a calendar-adjusted growth rate of 2.5 percent last year, the strongest since 2011.
Comments
Comments are closed for this article.