Russia-Germany trade down by almost 7% in 2019 – German Eastern Business Association

TASS Russian News Agency | Feb 21, 2020 at 4:08 PM

BERLIN, February 21. /TASS/. The trade turnover between Germany and Russia decreased by almost 7% year-on-year in 2019 and amounted to 58 bln euros. This is according to a statement released by the German Eastern Business Association (OAOEV).

"Despite the good news regarding exports, we still cannot use the potential of economic cooperation between Germany and Russia. To do this, we need political detente and overcoming sanctions," said OAO EV Chairman Oliver Hermes.

"Russia and Ukraine have recently taken steps in the right direction, now we need more dynamics," he added.

At the same time, despite the existing mutual restrictive measures, in 2019 the export of German products to Russia grew by 2.6%, to 26.5 billion euros. In 2018, the increase was only 1%. However, imports from Russia decreased by 13%, to 31 billion euros.

"This is not due to a weakening interest in Russia, but [due to] temporary interruptions in the supply of [oil] via the Druzhba pipeline, as well as lower purchase prices for crude oil and natural gas," Hermes stressed.

About Association

The German Eastern Business Association (OAOEV) is the major regional initiative of the German economy for 29 countries in Central Europe, Eastern and Southeastern Europe, in the South Caucasus and in Central Asia. The OAOEV supports its members in their projects, arranges contacts and answers questions about market entry. The OAOEV was founded in May 2018 through the merging of the Eastern Committee (founded in 1952) and the Eastern Europe Business Association of Germany (founded in 1989). It is supported by six central associations of German business and has around 350 member companies.