In January to July 2003, Russia's foreign trade totaled $111.9bn, up 25 percent against the same period of 2002, according to a report of the Russian Economy Ministry. The report says these high figures are due to favorable world market conditions as well as a steady rise in domestic demand. The surplus of Russia's balance of trade amounted to $33.5bn, and exports exceeded imports by 90 percent.
More specifically, in the reported period Russian exports came to $72.7bn, up 27.8 percent against the corresponding period of 2002. Imports to Russia amounted to $39.2bn stepping up 20.2 percent.
Russian President Vladimir Putin and German Chancellor Angela Merkel had had a few fights and used strong language because of the Ukrainian crisis in 2014