German exports to Saudi Arabia fell to less than €6 billion ($6.66 billion) for the first time in nine years, the German Chamber of Commerce and Industry announced yesterday.
The chamber explained that Germany’s exports to Saudi Arabia had fallen by 17 per cent, amounting to €3.1 billion ($3.44 billion), during the first seven months of 2019.
“This is a blow to the business and trade transactions of German companies with Saudi Arabia,” the head of the chamber’s foreign trade committee, Volker Trier, warned.
Trier pointed out that the decline had nothing to do with the political differences between Berlin and Riyadh following the Yemen war and the killing of Saudi journalist Jamal Khashoggi.
“We see that the trade decline is attributed to general economic reasons and the regional tensions, especially in the Strait of Hormuz, where merchant ships were targeted,” the German official added.
German exports to the kingdom were reported to have reached its highest levels in 2015, with a total of €9.9 billion ($11 billion), but it has been steadily declining since then.