| Actual | Previous | Revised | |
|---|---|---|---|
| Balance | €15.3B | €17.2B | €16.9B |
| Imports - M/M | 3.1% | -1.3% | -1.4% |
| Imports - Y/Y | 7.5% | 1.0% | 0.9% |
| Exports - M/M | 1.4% | -0.5% | -0.8% |
| Exports - Y/Y | 5.3% | -3.9% | -4.1% |
Highlights
Germany's trade data for September 2025 reflected modest yet uneven momentum in external demand. Exports rose by 1.4 percent from August to €131.1 billion, while imports climbed faster, up 3.1 percent to €115.9 billion. This narrowed the trade surplus to €15.3 billion, compared with €16.9 billion in August and €18.0 billion a year earlier, indicating mild pressure on Germany's external balance.
Trade with EU partners remained a key driver, as exports to the bloc reached €74.3 billion (2.5 percent), supported by robust demand from non-euro area members (5.1 percent). In contrast, trade with non-EU countries was mixed. Exports to third countries stagnated, though imports surged by 5.2 percent, partly due to higher inflows from China (6.1 percent) and the United States (9.0 percent).
The United States re-emerged as Germany's top export destination, with shipments up 11.9 percent month-over-month to €12.2 billion, reversing five months of decline. However, exports to China weakened by 2.2 percent, and trade with Russia remained subdued, reflecting ongoing geopolitical constraints.
In essence, while the rebound in exports suggests steady external demand, the faster pace of import growth and shrinking trade surplus hint at rising domestic consumption and cost pressures amid a cautiously improving global trade environment.
Trade with EU partners remained a key driver, as exports to the bloc reached €74.3 billion (2.5 percent), supported by robust demand from non-euro area members (5.1 percent). In contrast, trade with non-EU countries was mixed. Exports to third countries stagnated, though imports surged by 5.2 percent, partly due to higher inflows from China (6.1 percent) and the United States (9.0 percent).
The United States re-emerged as Germany's top export destination, with shipments up 11.9 percent month-over-month to €12.2 billion, reversing five months of decline. However, exports to China weakened by 2.2 percent, and trade with Russia remained subdued, reflecting ongoing geopolitical constraints.
In essence, while the rebound in exports suggests steady external demand, the faster pace of import growth and shrinking trade surplus hint at rising domestic consumption and cost pressures amid a cautiously improving global trade environment.
Definition
The merchandise trade balance measures the difference between imports and exports of goods. The level of the international trade balance, as well as changes in exports and imports, indicate trends in foreign trade and can offer a guide to an economy's competitiveness.
Description
Changes in the level of imports and exports, along with the difference between the two (the trade balance) are a valuable gauge of economic trends here and abroad. While these trade figures can directly impact all financial markets, they primarily affect currency values in foreign exchange markets.
Imports indicate demand for foreign goods and services in Germany. Exports show the demand for German goods in countries overseas. Given the size of the German economy, the euro can be sensitive to changes in the trade balance. The bond market is also sensitive to the risk of importing inflation. This report gives a breakdown of trade with major countries as well, so it can be instructive for investors who are interested in diversifying globally. For example, a trend of accelerating exports to a particular country might signal economic strength and investment opportunities in that country.
Imports indicate demand for foreign goods and services in Germany. Exports show the demand for German goods in countries overseas. Given the size of the German economy, the euro can be sensitive to changes in the trade balance. The bond market is also sensitive to the risk of importing inflation. This report gives a breakdown of trade with major countries as well, so it can be instructive for investors who are interested in diversifying globally. For example, a trend of accelerating exports to a particular country might signal economic strength and investment opportunities in that country.
