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German Trade Snapshot: Exports Accelerate, Imports Rebound, Surplus Misses Estimates
German Export Growth Exceeds Forecasts
GermanyExportsGermany’s exports rose 0.9% month-on-month to €139.3 billion in June 2026, easing from an upwardly revised 1.1% increase in the previous month but beating market expectations of a 0.2% gain. Shipments to EU member states climbed 1.3% to €79.3 billion, driven by a 1.2% rise in exports to the euro area (€55.3 billion) and a 1.8% increase to non-euro area countries (€24.1 billion). Elsewhere, exports to third countries edged up 0.3% to €60.0 billion, as stronger demand from the UK (7.7%) helped offset weaker shipments to the US (-14.2%) and China (-0.3%). In the first half of 2026, German exports increased 3.7% from the corresponding period a year earlier, totaling €816.6 billion.
German Trade Surplus Below Estimates
Germany’s trade surplus narrowed to €15.4 billion in June 2026 from an upwardly revised €19.3 billion in May, below estimates of €17.4 billion, as imports rose more than exports. Exports grew by 0.9% mom to a nearly four-year high of €139.3 billion in June 2026, following an upwardly revised 1.1% gain in May and beating forecasts of 0.2% growth. Exports to EU countries grew 1.3%, while exports to third countries rose 0.3%, supported by a 7.7% gain in shipments to the UK. However, exports to the US, Germany’s largest export market, plunged 14.1%. Meanwhile, imports rose 2.4% mom to an over 3-1/2-year high of €123.9 billion in June 2026, rebounding from a marginally revised 2.6% drop in May and surpassing estimates of a 1.0% rise. Imports from EU countries climbed 7.4%, while those from third countries grew 1.4%, buoyed by a 9.1% increase in imports from China. For H1 of 2026, Germany recorded a trade surplus of €105 billion, with exports and imports rising 3.7% and 4.4%, respectively.
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.
