Germany’s imports of goods from Russia dropped by a staggering 95% between 2021 and 2024, while its exports to Russia declined by 72%, according to data released Wednesday by the

German statistics office, Destatis.

Across the European Union, trade with Russia has also fallen sharply over the same period. Imports from Russia were down 78%, and exports fell by 65%. As a result, the EU's trade deficit with Russia shrank to €4.5 billion ($5.1 billion) in 2024—down from €147.5 billion in 2022.

What’s driving the trend

“The main reason for the continued import surplus in 2024 was that the EU continued to import oil and natural gas from Russia to a significant extent,” Destatis noted.

Why it matters

Despite facing sweeping Western sanctions over its war in Ukraine, Russia’s economy has fared better than expected. However, falling oil prices and shrinking revenues pose growing challenges.

In April, Russia revised down its forecast for oil and gas export earnings for 2025–2027, anticipating a 15% drop in proceeds this year, according to a document from the country’s economy ministry seen by Reuters. These revenues are a vital part of Russia’s state budget.

Trade in perspective

In 2020, the EU was Russia’s top trading partner, accounting for 36.5% of Russian imports and 37.9% of its exports, according to the European Commission.

What’s next

The European Commission is preparing an 18th round of sanctions targeting Russia’s energy income, financial sector, and military-industrial complex, Commission President Ursula von der Leyen announced Tuesday. Photo by Denghu at English Wikipedia.