MOSCOW: Trade between Russia and Germany has increased by about a quarter in the past 12 months. The surge came despite sanctions which the European Union imposed against Moscow for its alleged role in the Ukraine conflict.
Following years of slumping trade activity, the exchange of goods and services between Russia and Germany saw a considerable increase in 2017.
Customs officials said trade between the two nations soared by roughly 23 percent in 2017 year on year despite the ongoing negative impact of economic sanctions slapped on Russia by Brussels over Moscow’s alleged role in the Ukraine conflict and the annexation of Crimea.
The German-Russian Chamber of Commerce (AHK) said the exchange of goods totaled $50 billion (€41 billion) last year.
Russia imported German goods worth €19.7 billion marking a 25-percent increase, while Russian shipments to Germany rose by roughly 21 percent over the same 12-month period.
AHK chief Matthias Schepp welcomed the pickup, but added it had been far from offsetting previous dips.
“We hope that the positive trend will carry over into the current year,” he told reporters in Moscow.
Schepp added that fresh impetus is bound to come with the 2018 World Cup due to be held in Russia this summer. He mentioned the large number of German companies helping to provide vehicles, machinery and chemical products for the building projects surrounding the sporting events.
