German Trade Surplus Smallest in 9 Months

Germany’s trade surplus narrowed to EUR 14.9 billion in July 2025, down from an upwardly revised EUR 15.4 billion in June and below expectations of the same figure. This was the smallest trade surplus since October 2024, as exports fell more sharply than imports. Exports declined by 0.6% mom to EUR 130.2 billion, weighed down by a 4.5% drop in sales to non-EU countries — notably, a 7.9% decline in exports to the US, marking the lowest level since December 2021. By contrast, shipments to EU countries rose by 2.5%. Within the EU, exports grew by 2.5% to the Euro area and by 2.6% to non-Euro area countries. Meanwhile, imports edged down by 0.1% to EUR 115.4 billion, reversing from a downwardly revised 4.1% rise recorded in June. The decrease was primarily driven by lower imports from non-EU countries (-1.3%), while those to EU countries rose by 1.1%. Year-to-date, Germany recorded a trade surplus of EUR 119.5 billion, with exports and imports rising by 0.7% and 4.9%, respectively.