German Exports Rise More than Expected

Germany’s exports grew 3.6% month-on-month to a three-year high of €135.2 billion in February 2026, following a downwardly revised 1.5% drop in January and exceeding market expectations of a 1% rise. Shipments to EU member states rose 5.8%, with exports to the Eurozone climbing 5.2% and those to non-Eurozone countries advancing 7.4%. Exports to third countries also increased 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 United States, Germany’s largest export market, fell 7.5%, while those to China dropped 2.5%. For the first two months of 2026, outbound shipments rose 1.6% year-on-year to €265.8 billion.

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.