German Trade Surplus Smallest in Nearly 3 Years

Germany’s trade surplus widened to €17.1 billion in December 2025, up from an upwardly revised €13.6 billion in November and surpassing market expectations of €14.1 billion. Exports rose 4.0% to a 20-month high of €133.3 billion, well above forecasts of a 1.0% increase, rebounding from a 2.5% fall in the previous month. Export growth was supported by stronger shipments to the EU and non-EU countries, with exports to the US, Germany’s largest market, which rose 8.9%. Outbound shipments also increased to China (10.7%), the UK (14.6%), and Russia (1.8%). Imports rose 1.4% to a 29-month high of €116.2 billion, exceeding expectations of a 0.2% increase, supported by higher purchases from both EU and non-EU countries, including the US (3.0%), China (4.1%), and Russia (6%). For the full year of 2025, Germany registered a trade surplus of €202.7 billion, with exports up just 1.0% while imports increased 4.4%.

Germany’s trade surplus narrowed to €13.1 billion in November 2025, down from an upwardly revised €17.2 billion in October and below market expectations of €16.5 billion. This was the smallest surplus since December 2022, as exports fell 2.5% to a 13-month low of €128.1 billion, missing forecasts for flat growth. Weak demand from the EU (-4.2%) and other trading partners (-0.2%) weighed on shipments, with exports to the US, Germany’s largest market, declining 4.2% amid the ongoing impact of tariffs. Exports to the UK also fell sharply, down by 8.1%. Imports rose 0.8% to €115.1 billion, above the expected 0.2%, supported by higher purchases from China (8.0%), the US (7.9%), and the UK (10.9%). For the first eleven months of 2025, Germany recorded a trade surplus of €182.3 billion, with exports up just 0.9% while imports rose 4.6%.

Germany’s trade surplus widened to €16.9 billion in October 2025, up from €15.3 billion in September and surpassing expectations of €15.2 billion. Exports unexpectedly edged up 0.1% to a six-month high of €131.3 billion, beating expectations of a 0.2% decline, supported by stronger demand from EU trading partners, where exports rose 2.7%, including gains of 2.5% to the euro area and 3.1% to non-euro-area countries. By contrast, shipments to third countries dropped 3.3%, including a 7.8% fall in exports to the US, Germany’s largest export destination, amid the lingering impact of US tariffs, after an 11.9% surge in September. Shipments also fell to the UK and China. Imports unexpectedly fell 1.2% to €114.5 billion, missing forecasts of a 0.2% increase, weighed down by lower purchases from third countries, including China, the US, the UK, and Russia. Over the first ten months of 2025, Germany recorded a trade surplus of €169 billion, as exports grew just 1.1%, while imports rose 4.6%.