German Trade Surplus Smallest in 5 Months

Germany’s trade surplus narrowed to €14.5 billion in April 2026 from an upwardly revised €14.7 billion in March, falling short of market expectations of €15.0 billion. It was the smallest trade surplus since November, as imports grew faster than exports. Exports unexpectedly increased by 0.9% month-on-month to a near 3½-year high of €136.6 billion, accelerating from a downwardly revised 0.3% gain in March and easily beating expectations of a 0.3% decline. Shipments to EU member states increased 1.0%, while those to third countries rose 0.7%. Meanwhile, imports climbed 1.2% month-on-month to €122.1 billion, the highest level since November 2022, though easing from a downwardly revised 4.5% increase in March. The increase was driven by purchases from both EU partners (1.8%) and non-EU countries (1.2%). For the first four months of the year, the country recorded a trade surplus of €69.2 billion, with exports and imports advancing 2.1% and 2.8%, respectively.

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.