German Trade Surplus Narrows in August

Germany’s trade surplus narrowed to €19.5 billion in August 2026 from a revised two-and-a-half-year high of €21.6 billion in July, but came slightly above expectations of €19 billion, as exports declined while imports increased. Exports fell 0.8% month-on-month to €137.6 billion, with shipments to EU countries down 0.6% and those to third countries falling 1.1%. Within third countries, exports to the US dropped 6.3%, while shipments to China rose 4.7% and those to the UK jumped 16.7%. Meanwhile, imports increased 0.9% to €118.1 billion, with imports from EU countries down 0.4% but those from third countries rising 2.2%. Imports from China surged 11%, while those from the US fell 0.5% and from the UK declined 3.8%. On an annual basis, exports rose 6.2% and imports increased 5.5%. From January to August, Germany’s trade surplus widened to €146.0 billion, compared with €140.4 billion in the corresponding period last year.

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.