Impact of the Russia-Ukraine Crisis on Germany Imports
Russia and Ukraine's conflict had an impact on world politics, economy, and international markets. Germany stated in February 2022 that it will block Russian aircraft from its airspace. During a parliamentary session on the Ukraine conflict in March 2022, the German chancellor declared that $113 billion would be provided for the German army. In 2020, 1.5% of Germany's total imports will come from Russia and 0.2% from Ukraine. Despite the minor trade dependence on both countries, Germany may be impacted by Russia's strong historical economic and cultural ties.
Germany’s Imports Grew Less than Exports in 2021
Imports grew by 3.4% in 2021, from a 11.2% contraction in the previous year. A general slowdown in economic activity and consumption affected imports. In 2022, import is forecast to grow by 2.8%. GlobalData forecasts imports to grow at an annual average rate of 2.7% over 2022–2024. The trade surplus in 2020 was $188.1 billion, which increased to $210.6 billion in 2021, as exports grew at a faster pace than imports.
Top Import Commodities in 2021
Major Trade Partners
The US, China and the Netherlands were Germany’s top three trading partners in 2021 and accounted for 24.1% of total trade (exports and imports). Improvements in the economies of major trading partners are expected to increase the demand for Germany’s goods in 2022. Germany’s top five import partners accounted for 36.5% of total national imports in 2021.
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