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Trade Trends News
13-06-2025
According to Germany's Federal Statistical Office (Destatis), from 2021 to 2024, German imports from Russia plummeted by 95%, while exports to Russia decreased by 72%. Eurostat, the EU's statistical agency, also noted that during the same period, EU imports from Russia fell by 78%, and exports dropped by 65%, resulting in a trade deficit of €4.5 billion ($5.1 billion) in 2024 — a dramatic shift from the €147.5 billion deficit recorded in 2022. The report stated, “The continued import surplus in 2024 is mainly due to the EU's ongoing substantial imports of oil and gas from Russia.”
Germany's foreign trade relationship with Russia has undergone a dramatic shift since the Ukraine war began. In 2024, Germany's imports from Russia fell by 94.6% compared to pre-war levels in 2021. Destatis data shows that Germany's imports from Russia declined from €33.1 billion in 2021 to just €1.8 billion in 2024, mainly due to 17 EU sanctions targeting Russia's energy, industrial, and financial sectors.
German exports to Russia also saw a sharp decline, dropping 71.6% from €26.6 billion in 2021 to €7.6 billion in 2024.
These changes reflect the impact of sweeping EU measures, including bans on specific imports like crude oil and natural gas, restrictions on military-related exports, exclusion from the SWIFT banking system, and crackdowns on sanctions evasion through third-party countries. However, Destatis cautioned that, “The effectiveness of these measures cannot be assessed solely based on foreign trade data.”
Russia's share of Germany's total imports dropped from 2.8% in 2021 to just over 0.1% in 2024. Similarly, its share of German exports fell from 1.9% to 0.5%. Consequently, Russia's rank among Germany's main import partners dropped from 12th to 59th, and from 15th to 36th as an export destination.
Notably, in 2024 Germany recorded a trade surplus of €5.8 billion with Russia — the largest since the collapse of the Soviet Union. This is in stark contrast to the record trade deficit of €21.8 billion in 2022, which was driven by surging energy prices despite falling export volumes.
The nature of traded goods has also changed significantly. In 2021, crude oil and natural gas accounted for €19.5 billion — or 58.8% — of Germany's imports from Russia. By 2024, these commodities had nearly vanished from trade, with main imports being metals (€800 million, 42.3%), chemical products (24.7%), and food/feed (15.2%).
Germany's exports to Russia in 2024 were dominated by pharmaceutical and related products, accounting for 30.6% (€2.3 billion) of total exports, followed by chemicals (13.9%) and machinery (11.9%). In comparison, machinery alone made up 21.9% of Germany's exports to Russia in 2021.
EU-wide trade data mirrors Germany's trend. In 2024, EU imports from Russia fell by 78.0% to €36 billion, down from €163.6 billion in 2021. After peaking at a €147.5 billion trade deficit in 2022, the EU reduced its deficit with Russia to €4.5 billion in 2024 — the lowest level since records began in 2002.
Despite the cuts, the EU still imported €21.3 billion worth of oil and gas from Russia last year, accounting for 59.1% of all imports from the country. The bulk came through Hungary (21.8%), Slovakia (15.8%), and France (14.5%). Meanwhile, EU exports to Russia totaled €31.6 billion in 2024, down 64.6% from 2021. Major export categories included pharmaceuticals (28.1%), chemicals (13.9%), and food/feed (9.5%).
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