The trade turnover between Russia and Germany decreased by 76% in the first seven months of 2023 compared to the same period last year, reaching 8.4 billion euros. said Katrina Klaas-Mühlheuse, Chairman of the Eastern Committee of the German Economy.
According to him, the decrease on an annual basis amounted to 27 billion euros. Russia fell from 14th to 36th among Germany’s trading partners. Klaas-Muhlhäuser stated that most German companies restrict their business in Russia, but this is not the purpose of the sanctions. He advocated maintaining ties in individual sectors.
The chairman of the Eastern Committee added that the complete withdrawal of European banks from the Russian Federation at the request of the ECB would have dramatic consequences for foreign trade.
Last week, German Chancellor Olaf Scholz touched upon the fundamental problems of the German economy. According to the chancellor, these were: weakening global demand and falling exports, as well as rising energy prices and high inflation.
Previously, experts had predicted that the German economy was already balances on the verge of stagflation.
Source: Gazeta
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