Germany's exports to Russia dip 59.5% in Oct 2022: Destatis

In contrast, exports to the US, the most important destination of German exports, increased by 26.7 per cent to €13.8 billion. Other important trading partners in terms of exports were France (€10.1 billion; +15.2 per cent) and the Netherlands (€9.6 billion; +9.7 per cent).

Goods to the total value of €130.1 billion were imported to Germany in October 2022. This was an increase of 19.4 per cent compared with the same month of the preceding year. The most important trading partner in imports was China; the value of imports from there rose by 27.4 per cent to €17.3 billion. The value of imports from Russia was down 38.5 per cent to €1.8 billion. The decrease would have been larger without the price increases recorded especially in the energy sector.

In volume terms, imports from Russia fell by 63.7 per cent compared with October 2021. Mineral oil and natural gas imports from Russia were down 53.2 per cent to €0.7 billion in value terms and 65.1 per cent to 1.4 million tonnes in volume terms. Nevertheless, mineral oil and natural gas remained the most important goods imported from Russia. Other important goods included coke and refined petroleum products (+95.3 per cent to €0.6 billion), according to the Destatis.

Germany’s foreign trade balance (exports minus imports) amounted to +€5.2 billion in October 2022 (October 2021: +€12.5 billion). In trade with Russia, more goods were imported from Russia than exported there in value terms. In October 2022, the import surplus with Russia was €0.8 billion. In October 2021, it had been €0.5 billion. In trade with the US, an export surplus of €5.7 billion was recorded in October 2022. In October 2021, it had been +€4.8 billion.

Fibre2Fashion News Desk (NB)