German manufacturers of industrial equipment to suffer from the decline of exports to the Russian Federation, caused by economic sanctions, says U.S. print edition.
according to the Union of the German engineering Association(VDMA), in the 1st quarter of 2015 the German exports of machinery and equipment to the Russian Federation decreased by 28% compared with the same period last year.
review expert Union Ulrich Ackermann, according to the results, the decline in exports may reach 30%.
the total volume of exports from Germany to the Russian Federation in the past year decreased by 18% and amounted to 29 billion euros, the WSJ cites data.
"however, China is increasingly benefitting from falling out of Russia with the West," the magazine stresses, stressing that German manufacturers continue to lose market, giving way to the Chinese competitors.
review Ulrich Ackermann, it is only a matter of time when China will take the place of Germany as the most important supplier of machinery for the Russian industry.
The continued decline of trade relations with Russia undermines the industrial production of the largest EU economies, which, adds the WSJ, and so has difficulty trying to keep the bar high on weak corporate investment and volatile global demand.
Western countries since March 2014 several times already imposed penalties because Russia's position on Ukraine. The last case of the use of such practices were the limits imposed in March 2015, when expanded sanctions List Australia.
The list of Russian citizens and organizations who have fallen under the punishment - in the material of the Fins news