Germany’s Trade Surplus Slides as Imports Outpace Exports

Germany’s trade balance weakened sharply in September 2025, slipping to an 11-month low as import demand surged past expectations. The monthly surplus narrowed to €15.3 billion, down from €16.9 billion in August and €18 billion a year earlier. 

Exports edged up 1.4% month-on-month to €131.1 billion, but imports climbed 3.1% to €115.9 billion, underscoring how domestic demand continues to outpace foreign appetite for German goods.

Over the first nine months of 2025, exports totaled €1.18 trillion, up 0.7% from 2024, while imports rose 4.8% to €1.03 trillion, confirming a steady erosion in Germany’s trade advantage. Year-on-year, exports rose just 2%, while imports jumped 4.8%. 

Imports from non-EU countries drove most of the surge, rising 5.2% on the month. Shipments from China gained 6.1% to €14.6 billion, while those from the US leapt 9% to €8.7 billion, and imports from the UK soared 20% to €3.6 billion.

What Does This Mean for Me?

Trade within the EU remains the mainstay of Germany’s surplus, with exports to member states up 2.5% to €74.3 billion and imports up 1.2% to €59.3 billion. But analysts warn that even with inflation below 3% and the ECB holding rates steady at 4.25%, global demand remains fragile. 

The data suggest that while the German economy may be stabilizing after its summer slowdown, exports are no longer the growth engine they once were.