German Exports Fall More than Expected

Germany’s exports fell 2.3% month-on-month to €130.5 billion in January 2026, reversing a downwardly revised 3.9% increase in December and performing worse than market expectations of a 2% decline. Shipments to EU member states dropped 4.8%, with exports to the Eurozone falling 5.7% and those to non-Eurozone declining 2.7%. In contrast, exports to third countries rose 1%, supported by an 11.7% surge in shipments to the United States, Germany’s largest export market. Exports to the United Kingdom fell 2.6%, while shipments to China plunged 13.2% and those to the Russian Federation declined 5.9%.

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.