German Exports to CIS Rise 30% Despite Drop in Russian Trade

Summary

  • Germany’s exports to Commonwealth of Independent States (CIS) excluding Russia, rose by 30% to a value of €7.3 billion ($7.86 billion), according to recent data.
  • Conversely, exports to Russia have seen a significant drop by 39.1% to €7.6 billion and dropped to the 32nd position as a leading recipient country of German goods, slipping from 22nd place the previous year.
  • Exports to Russia have plummeted since the outbreak of the Ukraine war and the sanctions imposed on Russia in March 2022. The country saw a 73.3% decrease in German exports of motor vehicles and parts, and a 49.3% drop in machinery.
  • Kazakhstan was the top recipient of goods among CIS countries. Exports to the country saw a 32% surge to €2.8 billion year-on-year.

German Export Trends in CIS Region

The latest data shows that German export sales have risen 30% to the Commonwealth of Independent States (CIS) including former Soviet republics, reaching a €7.3 billion ($7.86 billion) worth, barring Russia.

The Fall of Exports to Russia

On the contrary, German exports to Russia experienced a severe downturn of 39.1%, coming up to only €7.6 billion. This decline has resulted in Russia falling to the 32nd position as a significant recipient of German goods from its previous rank of 22.

From the beginning of the Ukraine conflict and subsequent sanctions in Russia from March 2022, German exports to Russia have plummeted, remaining at a lowest ever since,” the authority said.

Exports Towards Kazakhstan

Kazakhstan is the principal recipient of goods exported to CIS countries, with a significant 32% rise year-on-year to €2.8 billion.

CIS Export Item Breakdown

The majority of deliveries to the CIS region was dominated by motor vehicles and parts; the sales surged by 65% to €2.1 billion. Other significant export items included machinery, which saw a 38.7% increase, as well as chemical products – up by 20.9%.

Conversely, Russia experienced a 73.3% plunge in German exports of motor vehicle and its parts, in addition to a 49.3% decrease in machinery exports.

The current exchange rate is $1 to €0.9282.

The trends tracked in German exports can significantly impact the forex market and trading of assets related to these sectors. Specifically, these shifts can influence the trading of the euro and assets linked to the German car industry, machinery and chemical products sectors.

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