(MENAFN- Saudi Press Agency) both in the Russian economy and between
that country and the European Union - are showing for German
machinery makers, who announced Monday that their sales are slumping
because of problems in the Russian market, dpa reported.
German machinery exports to Russia were down 28 per cent in the first
quarter on an annual basis, reported the German Engineering
Association (VDMA). At the same time, orders received in April were
down 2 per cent when compared to April 2014.
The decline means a big switch for Germany's export industry, which
has been strongly focused on Russia for decades. Monday's new numbers
mean Russia has slipped to number 10 in the list of destinations for
German exports.
In 2013, it was the fourth-largest market for German machinery
exports.
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