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Trade Trends News
22-11-2023
Germany's Federal Statistical Office reported on November 21 that German exports to Russia fell 37.3% in October 2023 compared to October 2022.
Before the start of the full-scale invasion, Russia was Germany's fifth most important trading partner outside the European Union, but has since fallen to 18th place.
Nonetheless, German exports to Russia reached €600 million ($656 million) in October.
2023 October, the United States was the most important exporter outside the EU with €14.3 billion ($15.6 billion) in exports.
Despite the significant drop in exports to Russia, Germany continues to import large quantities of Russian oil, which in turn adds to the critical funding that supports the Russian war machine.
In addition, Russian oil exports to India have grown significantly since the full-scale invasion and subsequent Western sanctions. After refining, petroleum products are no longer considered Russian and can therefore be re-exported back to the EU.
Josep Borrell, the EU's top diplomat, stated in May 2023 that "we in the EU don't buy Russian oil, but we do buy diesel fuel obtained by refining Russian oil elsewhere," such as in India.
Borel said, "This has the effect of circumventing our sanctions, and our member states should take steps to counter this."
There have been other disturbing developments within the scope of German exports to Russia.
German media outlet Der Spiegel reported on Aug. 29 on the case of a German company suspected of exporting electronic components used in the manufacture of Russian Orlan-10 drones, which were then deployed to Ukraine.
The exports violated sanctions, but the shipment likely circumvented restrictions by being transported through a third-party country.
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