FX.co ★ German Trade Surplus Smallest in 9 Months

Germany's trade surplus contracted to EUR 14.9 billion in July 2025, down from an adjusted EUR 15.4 billion in June and falling short of forecasts predicting a similar figure. This represents the smallest trade surplus since October 2024, as exports experienced a steeper decline compared to imports. Specifically, exports decreased by 0.6% month-over-month to EUR 130.2 billion, largely due to a 4.5% slump in sales to non-EU countries, with a significant 7.9% drop in exports to the United States—reaching their lowest point since December 2021. Conversely, exports to EU countries increased by 2.5%, with shipments to the Euro area growing by 2.5% and those to non-Euro area EU countries rising by 2.6%. In parallel, imports saw a marginal decline of 0.1% to EUR 115.4 billion, partially reversing the revised 4.1% decrease recorded in June. This reduction was primarily attributed to a 1.3% drop in imports from non-EU countries, while imports from EU countries rose by 1.1%. For the year to date, Germany has amassed a trade surplus of EUR 119.5 billion, with exports increasing by 0.7% and imports climbing by 4.9%.