Germany’s trade surplus narrowed further in September 2025, falling to its lowest level since October 2024, as a stronger-than-expected rise in imports outpaced export growth.
According to preliminary data released by the Federal Statistical Office (Destatis), seasonally adjusted exports rose by 1.4% month-on-month to €131.1 billion, while imports jumped 3.1% to €115.9bn.
This brought the monthly trade surplus down to €15.3bn, compared with €16.9bn in August and €18.0bn a year earlier.
The reading came in below economists’ expectations, who had anticipated a largely unchanged surplus of €16.9bn.
Over the first nine months of 2025, total exports reached €1.18 trillion, up 0.7% from the same period in 2024. Imports rose more sharply, up 4.8% to €1.03tr, pointing to a weakening trend in Germany’s annual trade balance.
Import momentum outpaces exports
While German exports posted a modest recovery — up 2.0% compared to September 2024 — import volumes climbed more decisively, up 4.8% year-on-year.
The data suggest that domestic demand is showing resilience even as global demand remains mixed.
Imports from non-EU countries were a major driver of the uptick, rising 5.2% on the month. In particular, imports from China — the country’s largest supplier — rose by 6.1% month-over-month to €14.6bn.
Imports from the United States increased even more sharply, up 9.0% to €8.7bn. Goods imported from the UK surged by 20% to €3.6bn.
Meanwhile, exports to the US rebounded after five months of contraction, rising by 11.9% on the month to €12.2bn. However, they remained 7.4% below September 2024 levels, reflecting the lingering effects of Trump tariffs.
Exports to the UK also saw a robust increase, up 7.1% to €7.0bn, while shipments to China declined by 2.2% to €6.7bn, remaining 11.9% below levels seen a year ago.
Germany’s trade surplus remains largely fuelled by intra-EU commerce.
Exports to EU member states rose 2.5% to €74.3bn, while imports from those countries increased by a smaller 1.2% to €59.3bn.
Within the eurozone, exports rose by 1.4% and imports declined by 0.7%, further boosting the surplus.
However, the strongest momentum came from non-eurozone EU members, with exports jumping 5.1% and imports rising 4.9%.