German Trade Surplus Smallest in Nearly 3 Years

Germany’s trade surplus narrowed to €14.3 billion in March 2026 from a downwardly revised €19.6 billion in February, falling short of market expectations of €18.4 billion. It was the smallest trade surplus since last November, as exports rose less than imports. Exports unexpectedly increased by 0.5% month-on-month to a near 3½-year high of €135.8 billion, slowing sharply from a 3.6% rise in February but easily beating expectations of a 1.7% decline. Shipments to EU member states grew 3.4%, while those to third countries fell 3.3%. Meanwhile, imports surged 5.1% month-on-month to €121.5 billion, the highest level since November 2022, accelerating from an upwardly revised 4.9% increase in February and far exceeding expectations of a 0.8% rise. The increase was driven by purchases from both EU partners (3.0%) and non-EU countries (7.4%). For the first quarter, the country posted a trade surplus of €54 billion, with exports and imports rising by 1.7% and 1.9%, respectively.

Germany’s trade surplus narrowed to €19.8 billion in February 2026, down from a downwardly revised €20.3 billion in January, though it remained above expectations of €18.5 billion. Exports rose 3.6% mom to a three-year high of €135.2 billion in February, following a downwardly revised 1.5% drop in January and exceeding expectations of a 1% rise. Shipments to EU member states increased 5.8%, while those to third countries rose 0.8%, supported by a 4.1% rise in shipments to the UK and a 26.9% jump in exports to Russia. By contrast, exports to the US, Germany’s largest export market, fell 7.5%, while those to China dropped 2.5%. Meanwhile, imports surged 4.7% mom to €115.4 billion, reversing a downwardly revised 5.1% decline in January and surpassing estimates of 4%. Purchases from EU partners jumped 5.1%, supported by increases from both euro area members (4.5%) and non-euro area countries (6.3%). For the first two months of the year, the country posted a €40.1 billion trade surplus.

Germany's trade surplus widened to €21.2 billion in January 2026 from €15.9 billion in the same month a year earlier, easily surpassing market expectations of €15.2 billion and marking the largest surplus since August 2024. Exports fell 2.3% month-on-month to €130.5 billion, mainly due to lower shipments to EU member states (-4.8%), particularly within the Eurozone (-5.7%) and outside the Eurozone (-2.7%). In contrast, shipments to third countries rose 1%, supported by an 11.7% surge in exports to the United States, Germany’s largest export market. Meanwhile, imports dropped more sharply, falling 5.9% month-on-month to a seventeen-month low of €109.2 billion. Arrivals declined from EU member states (-6.5%), including the Eurozone (-5.9%) and non-Eurozone countries (-7.8%). Arrivals from third countries also dropped 5.3%, with imports from China (-8.3%) and the United States (-8.2%) recording notable declines.