Russian sanctions start to impact on Europe’s export powerhouse

In Germany, price-adjusted new orders in manufacturing in June 2014 decreased a seasonally and working day adjusted 3.2% on May 2014 (following -1.6% in May 2014 on April 2014). This fall was the sharpest since September 2011. As the country’s official statistics office released on Wednesday, the foreign orders suffered a decline of -4.1%, with new orders from the euro area going down 10.4% on the previous month.

Orders from outside of the currency bloc were unchanged and domestic orders remained at the level of the previous month. Following the latest sanctions, it is important to highlight that Russia is Germany’s 11th largest export market and Germany is the west’s biggest exporter to Russia and imports a third of its gas and oil needs from Russia.

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