German trade surplus narrows as imports outpace exports.
Germany's trade surplus fell more than expected in September as imports grew at more than twice the pace of exports, according to figures released on Monday by the Federal Statistical Office (Destatis).
Source: Sharecast
The calendar- and seasonally-adjusted trade surplus fell to €15.6bn from €17.9bn in August, coming in well below the consensus forecast of €19.2bn.
Imports jumped 4.2% month-on-month to €125.5bn, while exports increased by a more modest 2.0% to €141.1bn, reversing a 0.4% decline in August.
On an annual basis, imports were up 8.7%, also outpacing a 7.7% increase in exports. The trade surplus was broadly unchanged from the €15.5bn recorded in September 2025.
Exports to European Union countries rose 3.5% on the month to €80.8bn, while imports from the bloc increased 4.9% to €62.9bn.
Meanwhile, exports to non-EU countries edged up just 0.1% to €60.3bn, compared with a 3.6% increase in imports to €62.7bn.
Among Germany's major trading partners, exports to the US declined 0.5% to €13.4bn, although the country remained Germany's largest export destination. Exports to China fell 5.2% to €5.5bn, while shipments to the UK dropped 4.7% to €7.3bn.
China remained Germany's biggest source of imports, with purchases rising 1.6% to €17.3bn. Imports from the US climbed 6.2% to €8.8bn.
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