MOSCOW (MRC) -- Russia is feeling more than a pinch from economic sanctions and the weak rouble, according to the latest data out of Germany, said Financial Times.
Exports of German goods to Russia fell by a staggering 35 per cent in January, according to a breakdown of statistics released by the Federal Statistical Office on Monday.
The data analysed by Reuters showed the value of exports fell to EUR1.44bn from EUR2.2bn a year earlier, the biggest fall since October 2009.
In 2014, Russia was Germany's 13th largest export market worth EUR29.3bn, down from EUR35.8bn the previous year.
In value terms, Germany is Russia's second biggest source of imports after China, according to the Observatory of Economic Complexity.
The latest German data suggests sanctions over Ukraine and Russia's weak currency are having a bigger-than-expected impact.
Germany's Chambers of Commerce had forecast exports to Russia to fall by as much as 15 percent this year, after dropping almost 20 percent in 2014.
MRC