German Exports Unexpectedly Fall

Germany’s exports grew 4.0% month-on-month to a 20-month high of €133.3 billion in December 2025, 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 both EU and non-EU countries. Exports to EU countries rose 3.1%, with shipments to the euro area and non-euro area increasing by 3.6% and 2.1%, respectively. Meanwhile, exports to non-EU countries climbed 5.0%, led by shipments 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%). For the full year of 2025, Germany’s total exports reached €1.57 trillion, up 1.0% from 2024.

Germany’s exports fell 2.5% month-on-month to €128.1 billion in November 2025, their lowest level since October 2024, missing expectations for flat growth. Weak demand from EU trading partners weighed on shipments, with exports down 4.2%, including a 3.9% decline to the euro area and a 4.8% drop to non-euro-area countries. Exports to third countries fell slightly by 0.2%, driven by a 4.2% decline in shipments to the US, Germany’s largest export market, amid the lingering effects of US tariffs. The EU-US trade deal agreed last August imposed a 15% levy on most exports. Meanwhile, exports to the UK dropped 8.1%, while shipments to China rose 3.4%. For the first eleven months of 2025, Germany’s total exports reached €1.44 trillion, up 0.9% from the same period in 2024.

Germany’s exports unexpectedly inched up 0.1% month-on-month to €131.3 billion in October 2025, reaching a six-month high after an upwardly revised 1.5% rise in September and beating market expectations for a 0.2% decline. It was the second consecutive monthly gain, supported by stronger demand from EU trading partners, where exports grew 2.7%, including increases 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. The EU agreed to a trade deal with the US in the summer, which included a 15% ceiling on most exports. Shipments to the UK also declined, down 6.5%, while exports to China fell 5.8%. Over the first ten months of 2025, Germany’s total exports reached €1.31 trillion, up 1.1% from the same period in 2024.