Despite the sanctions in place, the value of Germany’s imports from Russia increased in the first half of 2022 by 51.3%, reaching 22.6 billion euros.
According to the Federal Statistical Office, the value of German imports from Russia rose sharply from January to June. Their total value reached 22.6 billion euros, 51.3% higher than the corresponding period of 2021.
It is noteworthy that in June alone, Germany bought 3.5 billion euros worth of goods from Russia, an increase of 4.8% from the previous month. The increased cost mainly concerns the purchase of energy at particularly high prices. In addition, Germany now buys less Russian energy, but pays much more for it.
By contrast, the value of German exports to Russia in the first half of this year was 32.1% lower than in the corresponding period in 2021. Some goods, such as medicines, are exempt from the sanctions.
Overall, Germany’s trade balance with Russia worsened significantly from January to June, recording a deficit of 13.9 billion euros.
Source: AMPE
Source: Capital
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