German Companies Trust in Russian Market Despite Dropping Exports

The decline in German exports to Russia has dramatically accelerated in the first half of the year due to extended anti-Russian sanctions. However, German companies such as Adidas still have positive expectations regarding the Russian market, DWN reported.

According to the recent statistics, German exports to Russia shrank by around 31 percent from January to June compared to the same period last year.

Moscow responded with countermeasures and imposed trade embargos on a number of European products, as result of which German imports from Russia also decreased by around 24 percent to nearly 15.5 billion euros, the newspaper reported.

German entrepreneurs have been demanding the immediate end of sanctions for several months. However, the Federal Government has not yet commented on the issue and it remains unclear whether German industries can count on compensation payments.

At the same time, many German companies have positive expectations regarding the Russian market and prefer to wait until the situation improves. For instance, representative of Adidas Company told DWN that the Russian market still remains important for the enterprise.

The company’s positive stance is partly connected with the 2018 football World Cup in Russia. The sporting event is expected to bring the company substantial profits, DWN reported.