Germany's imports from Russia up 77.7% in March

ISTANBUL

Germany's imports from Russia jumped 77.7% year-on-year in March, while its exports fell 58.7%, the country's statistics department announced on Thursday.

According to the Federal Statistical Office (Destatis), exports dropped due to the Russia-Ukraine war and sanctions against Moscow, while imports increased as a result of higher raw material prices.

Largest decreases in exports were posted by the machinery and chemical sectors with 73.6% and 40.9%, respectively.

"Value of crude oil and natural gas imports rose by 56.5% year-on-year, while volumes imported fell by 27.8%," Destatis said.

In February, Germany's exports to Russia increased 16.7% on an annually basis.

Meanwhile, Germany's exports to Ukraine dropped 45.7% in March and imports from Ukraine fell 27.5% versus March 2021.