Russia-Germany trade turnover falls to lowest level in 16 years

The association said the Covid-19 pandemic and political disagreements led to such a massive reduction in trade turnover between the two nations.“German-Russian trade was at its lowest level since 2005,” said Oliver Hermes, the committee’s chairman. Follow RT on

The volume of trade between Russia and Germany declined by 22.2 percent in 2020, year-on-year, to €44.9 billion ($54.4 billion), according to data from the German Committee on Eastern European Economic Relations. Imports from Russia decreased by 29.9 percent to €21.9 billion ($26.5 billion).For more stories on economy & finance visit RT’s business section “2020 turned out to be a very difficult year not only because of the coronavirus, but also due to serious political conflicts that have been noticeably affecting the economy.”READ MORE: German business continues to invest in Russia, despite Covid-19 pandemicGerman exports to Russia decreased by 13.1 percent to €23 billion (around $28 billion).

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