Germany June Imports Rebound to 3-1/2-Year Peak

Germany’s imports climbed 4.4% month-on-month to €123.9 billion in June 2026, the highest level since November 2022, shifting from a marginally revised 2.6% decline in the previous month and easily surpassing market expectations for a 1.0% increase. Imports from EU member states surged 7.4%, driven by a 7.5% rise in purchases from euro-area countries and a 7.3% increase from non-euro-area EU members. Meanwhile, imports from non-EU countries grew 1.4%, supported by a 9.0% jump in shipments from China, despite a sharp 9.6% decline in purchases from the U.S. and a 16.7% drop in imports from the United Kingdom. On an annual basis, total imports rose 14.0%, accelerating from May's 1.5% gain. In the first half of 2026, imports increased 4.4% from the same period a year earlier to €711.6 billion.

Germany’s imports fell 2.5% month-on-month to a three-month low of €118.8 billion in May 2026, reversing a marginally revised 1.1% increase in the previous month and missing market estimates of a 0.1% gain. Imports from EU member states declined 2.5%, as a 4.3% drop in purchases from euro-area countries more than offset a 1.6% rise in imports from non-euro-area EU members. Meanwhile, imports from non-EU countries decreased 2.6%, reflecting weaker shipments from China (-2.0%), despite a sharp 11.5% increase in purchases from the U.S. and a 14.5% rise in imports from the United Kingdom. On an annual basis, total imports rose 1.6%, slowing markedly from April’s 6.1% increase. For the first five months of 2026, imports increased 3.7% from the same period a year earlier to €587.8 billion.

Germany’s imports rose 1.2% month-on-month to €122.1 billion in April 2026, marking the highest level since November 2022. However, growth slowed markedly from a downwardly revised 4.5% increase in the previous month. Imports from EU member states edged up 0.4%, supported by a 2.2% rise in purchases from euro-area countries, which offset a 3.4% decline in imports from non-euro-area EU members. Meanwhile, imports from non-EU countries increased 2.0%, driven by higher shipments from the U.S. (7.6%) and China (0.2%), despite a 4.7% drop in purchases from the United Kingdom. On an annual basis, total imports were 6.3% higher than a year earlier, though the pace eased from a 10.4% increase in March. For the January–April period, Germany’s imports rose 2.8% from the same period in 2025 to €468.4 billion, reflecting resilient domestic demand despite ongoing economic uncertainty.