German Trade Surplus Largest in Two Years

Germany’s trade surplus widened to €21.3 billion in July 2026 from €15.4 billion in June, exceeding expectations of a rise to €16 billion and marking the largest trade surplus since August 2024, as exports fell less sharply than imports. Exports fell 0.8% month-on-month to €138.2 billion, compared with forecasts of no change, as sales to EU countries declined 1.6%, while shipments to third countries edged up 0.2%. Within third countries, the growth in exports was mainly driven by a 19.1% jump in exports to the US, while shipments to China and the UK fell 9.5% and 7.2%, respectively. Meanwhile, imports dropped 5.7% to €116.9 billion, with those from EU countries down 6.1% and from third countries falling 5.3%. Imports from China fell 7.5%, those from the US declined 8.2%, and those from the UK dropped 1%. From January to July, Germany’s trade surplus increased to €125.8 billion from €122.8 billion in the same period last year.

Germany's trade surplus narrowed to €15.4 billion in June 2026 from an upwardly revised €19.3 billion in May, below estimates of €17.4 billion, as imports rose more than exports. Imports rose 4.4% mom to an over 3-1/2-year high of €123.9 billion in June 2026, rebounding from a marginally revised 2.6% drop in May and surpassing estimates of a 1.0% rise. Imports from EU countries climbed 7.4%, while those from third countries grew 1.4%, buoyed by a 9.1% increase in imports from China. Meanwhile, exports grew by 0.9% mom to a nearly four-year high of €139.3 billion in June 2026, following an upwardly revised 1.1% gain in May and beating forecasts of 0.2% growth. Exports to EU countries grew 1.3%, while exports to third countries rose 0.3%, supported by a 7.7% gain in shipments to the UK. However, exports to the US, Germany's largest export market, plunged 14.2%. For H1 of 2026, Germany recorded a trade surplus of €105 billion, with exports and imports rising 3.7% and 4.4%, respectively.

Germany's trade surplus widened to €19.1 billion in May 2026 from an upwardly revised €14.7 billion in April, surpassing expectations of €14.8 billion, marking the largest trade surplus since February. Exports unexpectedly increased by 0.9% mom to an over 3½-year high of €137.9 billion in May 2026, accelerating from a downwardly revised 0.8% rise in April and beating expectations of a 0.3% decline. Exports to third countries rose 3.6%, supported by a 23.1% surge in shipments to the US, Germany's largest export market. Meanwhile, imports fell 2.5% mom to a three-month low of €118.8 billion in May 2026, reversing a marginally revised 1.1% gain in April and missing estimates of a 0.1% growth. Imports from EU member states fell 2.5%, while those from non-EU countries dropped 2.6%, amid a decline in shipments from China (-2.0%). For the first five months of the year, the country posted a trade surplus of €88.4 billion, with exports and imports climbing 3.0% and 3.7%, respectively.