VDMATrend reversal in machinery exports to Russia
Last year brought a turnaround in business with Russia for German mechanical engineering companies. For the first time in four years, machinery exports were back in the black in 2017. However, the VDMA is only cautiously optimistic about future developments.
© VDMA
"Especially now that the Russian economy is slowly recovering thanks to the oil price, European manufacturers will fall behind as a result of the sanctions," warns Ulrich Ackermann, Head of VDMA Foreign Trade. "We fear increased difficulties in financing and securing business with Russia, triggered by the US sanctions package of 2017. There are increasing signs of this," says Ackermann.