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German exports to Russia slumped 13 pct in Q1
May 20, 2014 / 8:15 AM / 4 years ago

German exports to Russia slumped 13 pct in Q1

BERLIN, May 20 (Reuters) - German exports to Russia slid 13 percent in the first quarter of the year, led by sharp falls in cars and machinery, as the Ukraine crisis pushed the rouble currency down to record lows.

Data from the Federal Statistics Office on Tuesday showed exports slumped by 1.1 billion euros to 7.6 billion, bucking a rise in overall German exports of 3.1 percent in the first three months of 2014.

Machinery exports to Russia, Germany’s 11th biggest trading partner, fell 19 percent, while those of cars and trucks tumbled 18 percent compared to the prior year period.

The Russian rouble sank to record lows in February and March on fears of the economic fallout from Russia’s standoff with the West over Ukraine. A weaker rouble makes German goods more expensive for Russian importers.

German exports to Ukraine, which also saw its currency slide, sank an even sharper 26 percent to 967 million euros in the first quarter. German imports from both Russia and Ukraine rose by over 5 percent. (Reporting by Rene Wagner; Writing by Noah Barkin)

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