Germany paying billions for Russian imports - stats office

BERLIN (Reuters) - Germany imported goods from Russia valued at 2.9 billion euros ($2.95 billion) in July, according to data released on Monday, as elevated energy costs frustrated German efforts to wind down trade with Russia.

The value of German imports from Russia rose by 10.2% compared to July 2021, the Federal Statistical Office said.

The office attributed the surge mainly to higher prices, particularly in the energy sector, as cuts to Russian gas deliveries drive up energy bills for households and businesses in Europe's largest economy.

In July, Germany imported crude oil and natural gas from Russia worth 1.4 billion euros, representing a 1.6% increase on the previous year, the office reported.

Imports of Russian coke and petroleum products were valued at 0.5 billion euros, up 72.5%, and imported Russian coal more than doubled in value to 0.3 billion euros.

While the value of imports from Russia rose, Germany was able to reduce the overall volume of goods imported from that country in July by 45.8%, the data showed.

Meanwhile, German exports to Russia fell by 56.8% in terms of value as Germany ramped up its export business with the United States and its neighbours France and the Netherlands.

($1 = 0.9831 euros)

(Reporting by Rene Wagner and Rachel More; Editing by Paul Carrel)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Somalia federal troops and armed opposition clash in Baidoa city
• Exclusive-Binance gave Moscow client details used to charge Russian over Ukraine donations, documents show
• Six dead in 'stampede-like' incident at India temple, ANI says