Exports from the Netherlands to Russia will have decreased by 42 percent in 2022. It reports that Central Bureau of Statistics (CBS). Last year, the Netherlands earned 1.7 billion from exports to Russia, 0.4 percent of the Dutch gross domestic product (GDP). In 2021 that was 2.9 billion.
The halving is the result of Russia’s invasion of Ukraine in February last year, after which the Netherlands imposed sanctions on Russia. For example, machines and technologies are no longer allowed to be exported to Russia, nor are luxury goods such as cars, yachts, jewelry or clothing. Exporters of machinery and floriculture have suffered the least from these sanctions.
The decreased yield due to reduced exports to Russia is partly compensated by increased trade with Russian partners in the Eurasian Economic Union, such as Kazakhstan and Kyrgyzstan. Earnings from exports to these countries increased from 215 to 555 million euros.
The Netherlands earned the most from trade with Kazakhstan last year. In 2022 this was 329 million euros, almost half more than a year earlier.