Trade relations between Russian and Germany seem to be on the mend, judging by the latest figures released by the authorities. After years of slumping trade activity, the exchange of goods and services between Russia and Germany saw a considerable increase in 2017.
Trade between the two nations soared by roughly 23 percent in the 2017 year on year, customs officials said, according to Deutsche Welle. The development comes despite the ongoing negative impact of economic sanctions slapped on Russia by Brussels over Moscow’s alleged role in the Ukraine conflict and the annexation of Crimea.
The German-Russian Chamber of Commerce (AHK) said the exchange of goods totaled to $50 billion (€41 billion) last year
Russia imported German goods worth €19.7 billion marking a 25-percent increase, while Russian shipments to Germany rose by roughly 21 percent over the same 12-month period.
AHK chief Matthias Schepp welcomed the pickup but added it had been far from offsetting previous dips.
“We hope that the positive trend will carry over into the current year,” he told reporters in Moscow.
Schepp added that fresh impetus is bound to come with the 2018 World Cup due to be held in Russia this summer. He mentioned the large number of German companies helping to provide vehicles, machinery and chemical products for the building projects surrounding the sporting events.
Germany is one of Russia’s main trade partners, along with China, the Netherlands and the United States. The western country accounts for 12.7% of Russia’s imports – making it by far the largest supplier for Russia.
In 2014, the conflict in Ukraine and the economic sanctions imposed by the Western countries have resulted in the Kremlin’s placing of an embargo on European and American agricultural products.