Russia’s war on Ukraine has undermined economic growth in emerging Europe, but the conflict-related disruption is sowing the seeds for a trade and logistics boom in the region.
- Read more: Russia became Bulgaria’s largest importer in 2022. (Euractiv)
Research from logistics giant Maersk and media firm Reuters shows the majority of European manufacturers and retailers are changing their sourcing strategies and increasingly considering countries such as Poland, Romania and the Czech Republicfor manufacturing. The report also found that Western Europe’s labor shortages make the relative demographic stability of Eastern European countries especially attractive.
New figures from the German Eastern Business Association this week showed that German trade with Central and Eastern Europe climbed to a new high of $597 billion in 2022. The figures highlight a reorientation of European trade relations, with a decline in exports to Russia being offset by double-digit increases to other markets in Central and Eastern Europe.