German exports to Russia drop more than a quarter in August as sanctions take toll

Published December 04, 2015

German Chancellor Angela Merkel, right, and Vice Chancellor and Economic Minister Sigmar Gabriel arrive for the weekly cabinet meeting in the Federal Chancellery in Berlin, Wednesday, Oct. 29, 2014. (AP Photo/Steffi Loos) (The Associated Press)

German exports to Russia dropped by more than a quarter in August over the same month a year ago as sanctions over Ukraine took an increasing toll.

The Federal Statistical Office said Wednesday that German exports to Russia dropped 26.3 percent in August to 2.3 billion euros ($2.93 billion).

Over the first eight months of 2014, exports to Russia fell 16.6 percent to 20.3 billion euros, led by a 22.6 percent drop in machinery deliveries.

Russia was Germany's 11th biggest market in 2013 but slid to 13th in the first eight months of 2014.

Germany has overall been suffering from weak demand for its goods from the rest of Europe and China, where growth is also slowing.

Chancellor Angela Merkel says it's up to Russia how long sanctions will continue.

URL

https://www.foxnews.com/world/german-exports-to-russia-drop-more-than-a-quarter-in-august-as-sanctions-take-toll