German Exports to Russia Plummet

Sanctions have been disastrous for German business

With Germany’s export-dependent economy slowing, EU sanctions have hit Mittelstand companies particularly hard

German exports to Russia tumbled by more than a quarter in August, underlining the impact of sanctions on Europe’s biggest economy. But it is not just Germany that is suffering. Tourism across Europe and North America has taken a knock, too.

In August, Germany exported goods to the value of €2.3bn to the Russian Federation, a decline of 26.3 per cent on August 2013, Germany’s federal statistical office said on Wednesday.
Between January and August 2014, German exports to Russia declined by 16.6 per cent to €20.3bn compared with the same period a year earlier.
The EU imposed sanctions in finance, defence and oil equipment in July…

Read More: russia-insider.com
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Tagged with: banking crisis, Berlin Germany, commerce, crisis, declining export, Economic sanctions, economy, Europe, european union, export, financial crisis, German business, German exports, germany, globalization, import, jobless, russia, sanctions, Sanctions Against Russia, trade
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