German exports to Russia fell by 43 percent compared to the previous year, but according to Harms they were more than compensated for by large increases in business with other countries in Eastern and Central Europe. Trade with Poland, the Czech Republic, Slovakia and Hungary alone accounted for almost 13 percent of all German foreign trade.
Imports from Russia increased by about 22 percent in value but not in volume in the first ten months due to higher energy prices. “The effects of the withdrawal of German and other international companies will only become apparent in 2023,” said Harms. Most recently, however, there had also been a significant decline in value – by 39 percent in October alone, as a spokesman for the East Committee said.
Trade with the war-torn Ukraine was better than expected: Compared to the previous year, imports hardly fell at all, at minus 0.9 percent. German exports have shrunk by almost eleven percent. “It’s almost inexplicable under the conditions of war,” Harms said. The Eastern Committee of German Business (OA) is a German foreign trade association for promoting economic relations between Germany and 29 countries in Eastern Europe, East Central Europe, Russia, Southeast Europe and Central Asia.