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.
Russia is currently the ninth most important sales market for German mechanical engineering. The main areas of German machinery exports in 2017 included agricultural machinery, food and packaging machinery, construction and building material machinery and materials handling technology. All of the top 10 specialist sectors recorded growth, in some cases in the high double-digit range. However, many sectors that are less strongly represented in Russia were also able to significantly increase their exports. According to the VDMA, this positive development was primarily due to the stabilization of the oil price. Although the price per barrel is still well below pre-crisis levels, the price is relatively stable. This is also having an impact on the rouble.