Breaking News: Germany's Trade with Russia Hits Record Low since '91
Imports from Russia to Germany have plummeted approximately 95% since the onset of the Ukraine conflict.
In a significant shift, Germany imported a paltry 1.8 billion euros worth of goods from Russia in 2024, as compared to a whopping 33.1 billion euros in 2021 - a mind-boggling 94.6% decrease since the onset of the Ukraine conflict. This staggering drop was announced by the Federal Statistical Office on Wednesday. The decrease in exports was equally dramatic, falling from 26.6 billion euros in 2021 to 7.6 billion euros in 2024, marking a 71.6% plunge.
Russia's once mighty share of total imports to Germany dwindled to a mere 0.1%, a drastic fall from its pre-conflict standing of 2.8%. This represents Germany's largest trade surplus with Russia since the disintegration of the Soviet Union in 1991, with exports exceeding imports by a considerable 5.8 billion euros in 2024 - a trend that's been consistent in the past four years, following 2023, 2020, and 1993 [1].
However, in the tumultuous year when the war began, 2022, Germany recorded an alarming trade deficit of 21.8 billion euros, the most on record. This was primarily due to exports nearly halving due to sanctions, while the remaining imports increased significantly, particularly due to skyrocketing energy prices.
The European Union (EU) has imposed heavy sanctions on Russia following its attack on Ukraine, restricting trade with the country [2][3]. These sanctions include import bans on certain goods like energy, export bans on goods with military or industrial applications, restrictions on Russia's access to capital and financial markets, exclusion from the SWIFT banking system, and restrictions on Russian shadow fleet vessels. The EU is currently brainstorming an 18th sanctions package.
The overall EU-Russia trade has seen a considerable downturn. Although energy prices spiked in 2022 due to the Ukraine war, leading to a peak in EU imports from Russia, imports plummeted by a staggering 78% to 36 billion euros in 2024 compared to pre-conflict levels. Russia's share of all EU imports dropped from 7.7% to 1.5% in the same period.
[1] "Germany cuts imports, exports to Russia by more than half as economic ties weaken", Reuters, 2025.[2] "European Union cranks up pressure on Russia with 17th sanctions package", Reuters, 2024.[3] "EU to consider adding more Russian banks to SWIFT ban", Reuters, 2025.
- The decline in Germany's trade with Russia has had a notable impact on the broader industry, finance, and politics landscape within the European Union, as the European Union has imposed sanctions on Russia to restrict trade and access to capital markets.
- The considerable downturn in overall EU-Russia trade has also influenced the general-news discourse, with many news outlets reporting on the ongoing sanctions and their effects on the global trade, economics, and geopolitical relations.
