(bne IntelliNews) – German exports to Russia in 2017 rose for the first time in five years thanks to Russia’s economic recovery, which is pulling in imports, Rosstat said on January 22, reports Reuters.
German companies sold goods worth €24.1bn ($29.53bn) to Russia in the first 11 months of 2017, led by machinery and car imports. That translates into an increase in imports from Germany of 21% y/y in the first 11 months and is more than the €21.5bn of imports from German to Russia recorded in the whole of 2016.
However, imports from German are still down from their all time peak of €38bn just before the onset of the crisis in 2012.
Exports from Russia to Germany were also up by 19% in the same period to €28.6bn, driven by an increase in demand for oil and gas which dominates Russia’s export business, according to Rosstat.
The balance of trade between the two countries remains in Russia’s favour with a $4.5bn surplus.