OREANDA-NEWS  According to the results of the first ten months of 2024, the total cost of supplies of Russian products to Germany fell by 51.8 percent compared to the same period in 2023, and exports from Germany to the Russian Federation sank by 17.1 percent. The collapse of bilateral trade and economic ties is reported in the report of the Federal Statistical Office of the European country (Destatis).

In October, the cost of supplies from Germany to Russia decreased by 9.4% on a monthly basis, to 628,7 million euros. In turn, exports from Russia to Germany increased by 27.4 percent in the second month of autumn by September, but still continued to remain at an extremely low level of 153.6 million euros, the German department said.

Exports from Germany to the European Union (EU) countries in October decreased by 0.7 percent on a monthly basis and amounted to 68.9 billion euros, and to countries outside the EU — by 5.3 percent, to 55.7 billion. In general, the total volume of German exports for the second month of autumn decreased by 2.8 percent and reached the level of 124.6 billion.

As for imports, the cost of supplies from the EU to Germany during the reporting period increased by 0.4 percent compared to September and amounted to 57.9 billion euros, and from countries outside the EU decreased by 0.6 percent to 53.3 billion. The total value of imports to Germany in October decreased by 0.1 percent and fell to 111.2 billion.

Germany's trade volume with Russia has been steadily falling since February 2022 amid massive bilateral sanctions. For example, in August 2024, exports from Russia to Germany sank by 41.4 percent year-on—year, to 100 million euros, and the cost of supplies in the opposite direction - by 11.8 percent, to 600 million euros. Thus, over the 2.5 years of economic restrictions, the volume of bilateral trade has fallen below 1 billion in monetary terms and continues to be in the region of 700-800 million.