Due to sanctions, German exports to Russia will fall by another 4 billion euros
Berlin - Kyiv, January 29 (PolitNavigator, Vasily Ablyazimov) - In 2015, due to political sanctions imposed in connection with the crisis in Ukraine, German exports to Russia will fall by another 4 billion euros, they report German economic news.
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“The German economy will suffer another series of multi-billion dollar business losses this year in Russia. Exports could fall by almost 15%, or almost four billion euros, analysts at the German Industry and Trade (DIHK) predict.
The so-called will be under attack. the country's top export industries such as automotive or engineering. This was stated by Volker Traier, Director of Foreign Trade at GCIC. In 2014, German exports to Russia fell by about 20%. The losses of the German mechanical engineering industry in 2014 on the Russian market amounted to about 1,1 billion euros, which were compensated only by increased sales in the USA, Great Britain and China.
In addition to direct sanctions, the decrease in exports will be affected by the depreciation of the ruble. “The current political situation hardly suggests a relaxation of sanctions,” the publication is confident.
Russia has long been one of Germany's fastest growing export markets. By 2012, German exports to Russia amounted to almost 31% per year.
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