<p style=““ class=“text-align-justify“>That’s a tough pill to swallow and Russia is quite literally laughing its way to the bank, as one can say. In July, Germany imported goods from Russia totalling a value of €2.9 billion. That amount is 10.2% higher than the value of imports seen in July 2021.</p><p style=““ class=“text-align-justify“>Of course, the main reason for the surge in imports value can be attributed to soaring energy costs with the German stats office noting that crude oil and natural gas imports totalled €1.4 billion (+1.6% y/y), coke and petroleum products totalled €0.5 billion (+72.5% y/y), and coal totalled €0.3 billion (more than double in value).</p><p style=““ class=“text-align-justify“>As for total trade volume, Germany did manage to reduce imports from Russia by 45.8%.</p>
This article was written by Justin Low at forexlive.com.
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