World trade takes a hit amid Ukraine crisis

Imports and Exports | | MIC Customs Solutions |

Global trade is starting to slide as countries stop buying products from Russia and struggle to send goods to buyers.


International trade is already beginning to suffer following the Russian invasion of Ukraine that began on February 24th 2022, according to new data.

Figures released by the Kiel Institute for the World Economy to Bloomberg show the US recorded a 3.9 percent decline in exports during February, while the European Union saw a decline of 2.8 percent.

Germany alone witnessed a 3.8 percent dip, while the Commonwealth of Independent States excluding Russia - which includes Ukraine - sustained a four percent decrease in exports.

Perhaps unsurprisingly, Russia was harmed the most after much of the world applied sanctions to it, resulting in a projected 11.8 percent drop in shipments abroad.

Head of the Kiel Trade Indicator Vincent Stamer told Bloomberg this is likely just a taste of what is to come, adding: "Increased customs controls to check compliance with sanctions against Russia may additionally lead to delays in maritime trade."

Meanwhile, representatives from the EU have begun a process that could see even higher tariffs imposed on Russian goods to increase political pressure on the Kremlin.

Russia's exports of goods to its member nations was worth €79 billion in 2020.