German Exports Unexpectedly Rise in March

Germany’s exports unexpectedly increased by 0.5% month-on-month to a near 3½-year high of €135.8 billion in March 2026, slowing sharply from a 3.6% rise in February but beating market expectations of a 1.7% decline. Shipments to EU member states grew 3.4%, with exports to the Eurozone rising 4.1% and those to non-Eurozone countries climbing 1.7%. By contrast, exports to third countries fell 3.3%, weighed down by a 7.9% drop in shipments to the US, Germany’s largest export market, and a 1.8% decline in exports to China. Meanwhile, exports to the UK rose 3.2%. For the first quarter of 2026, outbound shipments rose 1.7% year-on-year to €401.4 billion.

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%.