Energy accounts for 70 % of German imports from Russia

Jun 04, 2008 02:00 AM

Energy accounts for 70 % of German imports from Russia, official data showed as Berlin got set to welcome Russian President Dmitry Medvedev on his first European trip since taking office.
In 2007, Russian oil and gas imports cost Germany around EUR 20 bn, the national statistics office Destastis said, making up the vast majority of total imports, which had a value of EUR 28.8 bn. German exports meanwhile were slightly lower at EUR 28.2 bn, for the most part machine tools, power equipment and chemical products.

Exports to Russia grew by 20.6 % last year compared with the figure for 2006, and trade between the two powerhouses has continued to expand this year. In the first quarter of 2008, German imports rose by 29.9 % on an annual basis owing to the sharp increase in oil prices, while exports gained 25.4 %.
Dependency on Russian energy supplies has fuelled widespread debate in Germany, as has the increasing level of Russian financial investment in Europe's biggest economy.

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