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German Imports From Russia Hit All Time Low

Germany’s financing of Russia’s war against Ukraine through import surpluses has been the subject of debate for some time. However, the debate has cooled down recently and one of the reasons is shown in the chart below. Germany started to run a net export surplus in (February) 2023. In March it even reached a record level of plus €0.7 bn. The latest data for June 2023 are only slightly lower at €0.4 bn.

Imports from Russia even reached an all-time low of €0.26 bn in May and were barely higher in June at €0.29 bn.