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German Trade Deficit with Russia Hits All-Time High

German Exports to Russia Collapse, While Imports Rise

Are we still supporting Russia’s tyrant Putin is the probing question at present? And one important way to look at that is the German Russian trade balance. Here you can see the major source of funds that are transferred on a net basis to Russia. We disregard the tricky questions that are linked to the currency for invoicing and cross border payment transactions.
Based on preliminary data for March 2022 and put in historical context we find:

  • German exports of goods have literally collapsed and fallen to their lowest value in 19 years (€0.9bn) and were also down 65% MoM seasonally adjusted
  • German imports remained high in March, down only 2% MoM, after more than tripling since May 2020
  • The main reason behind the decline in exports is, of course, the embargo because of Putin’s war. On the other hand, imports have been pushed significantly by skyrocketing energy prices for gas & oil

German Trade Deficit with Russia Hits Fresh All-Time High

In the end-and predominantly due to the Russian aggression in Ukraine-the traditional deficit in German foreign trade with Russia has reached its new all-time-high of €2.7bn in March 2022.