Germany restores trade relations with Russia

According to Russian-German Chamber of Foreign Trade, the turnover between the two countries increased in the first two months of 2017 by 43% compared to the same period last year and amounts to $6,7 billion.

Russian economy recovers after the 2-year-long recession and German businessmen positively evaluate the prospects of trade partnership with Moscow, says the newspaper “Die Zeit”

According to the chairman of the Chamber of Foreign Trade Matthias Schepp, many German businessmen in Russia have a feeling that “things got back on track”. Their optimism can be explained by the gradual recovery of the Russian economy.

Many employers, however, point out the negative effect of the EU sanctions against Russia. “German business owners are afraid, that they could possibly lose a significant market share to their competitors from other countries, e.g. from China”, says the article.

The volume of Russian-German trade dropped from 38 billion euros in 2012 to 21,5 billion euros in 2016. In the reporting period more than 500 German companies have gone out of business in Russia. However, the positive last month’s statistics indicate, that the turnover would eventually return to previous levels, says the author of the article.

Artikel: Roswitha Backes, E3M Business Consulting GmbH