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German exports to Russia to fall to 10-year low

Staff writer |
German businesses are expecting to see a further drop in exports to Russia this year to their lowest level in 10 years.

German exports to Russia plummeted by 25.5 percent last year, weighed down by the plunging ruble and the economic crisis in Russia, according to the Committee on Eastern European Economic Relations.

"Compared with the record year in 2012, German exports to Russia have fallen by nearly half in the past three years from 38 billion euros ($42 billion) to 21 billion euros," said Wolfgang Buechele, who heads the committee and is chief executive of industrial gases group Linde.

"And according to our estimates, exports will drop by around 10 percent this year and fall below the 20-billion-euro mark for the first time since 2006."

"At the moment, Germany's foreign trade is booming, helping to offset" the difficulties in Russia, said Rainer Seele, president of the German-Russian chamber of commerce and head of the Austrian oil and gas group, OMV.

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