30.10.2024, 08:35
The volume of trade between Russia and Europe was close to the 1999 figure
Source: OREANDA-NEWS
OREANDA-NEWS By the end of August, the total trade volumes of Russia and the European Union (EU) were close to the 1999 figure and amounted to 5.1 billion euros in monetary terms. This is reported by RIA Novosti with reference to data from the EU Statistical Service (Eurostat).
During the month, the cost of supplies of goods from Russia to the EU decreased by 12 percent and dropped to 2.6 billion euros. In turn, European countries exported 2.5 billion worth of products to Russia. The decline was 18 percent compared to the July level.
Against this background, the total volume of trade between Russia and the EU fell by 15 percent in August. This decline was the fastest since February 2023, and the total amount of trade turnover approached the indicators of the end of the last century. In the first eight months, bilateral trade sank by 28 percent, to 45 billion euros. During this time, Russian exports decreased by 35 percent (to 23.4 billion), European exports by 18 percent (to 21.6 billion).
Bilateral trade volumes began to plummet after the outbreak of hostilities in Ukraine. Earlier, RIA Novosti reported that by the end of January-March 2024, the trade turnover between Russia and the EU fell to 17.8 billion euros. Over the past ten years, trade has dropped fourfold, and with Germany, which was Russia's key partner in the EU until 2022, it has dropped eight times.
During the month, the cost of supplies of goods from Russia to the EU decreased by 12 percent and dropped to 2.6 billion euros. In turn, European countries exported 2.5 billion worth of products to Russia. The decline was 18 percent compared to the July level.
Against this background, the total volume of trade between Russia and the EU fell by 15 percent in August. This decline was the fastest since February 2023, and the total amount of trade turnover approached the indicators of the end of the last century. In the first eight months, bilateral trade sank by 28 percent, to 45 billion euros. During this time, Russian exports decreased by 35 percent (to 23.4 billion), European exports by 18 percent (to 21.6 billion).
Bilateral trade volumes began to plummet after the outbreak of hostilities in Ukraine. Earlier, RIA Novosti reported that by the end of January-March 2024, the trade turnover between Russia and the EU fell to 17.8 billion euros. Over the past ten years, trade has dropped fourfold, and with Germany, which was Russia's key partner in the EU until 2022, it has dropped eight times.
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