Germany Balance of Trade

Germany’s trade surplus widened to EUR 17.2 billion in August 2025, up from an upwardly revised EUR 16.3 billion in July, surpassing expectations of EUR 15.2 billion. This marked the largest trade surplus since May, as exports fell less than imports. Exports unexpectedly fell 0.5% mom to a seven-month low of EUR 129.7 billion, missing forecasts of a 0.3% rise. The decline was driven by a 2.5% drop in sales to EU countries, while exports to non-EU countries rose 2.2%, despite a 2.5% decline in shipments to the US, affected by US tariffs. Shipments to the US declined for the fifth consecutive month, reaching EUR 10.9 billion, the lowest value since November 2021. Meanwhile, imports shrank 1.3% to a three-month low of EUR 112.5 billion, following an upwardly revised 0.7% decline in July and exceeding forecasts of a 0.5% drop. For the first eight months of the year, Germany posted a trade surplus of EUR 136.4 billion, with exports and imports advancing by 0.5% and 4.8%, respectively.