Germany's foreign trade position weakened further in November 2025, reflecting growing asymmetry between exports and imports. Seasonally adjusted exports fell by 2.5 percent month-over-month to €128.1 billion, while imports rose by 0.8 percent to €115.1 billion, compressing the trade surplus to €13.0 billion from a revised €17.2 billion in October. On an annual basis, exports declined by 1.7 percent as imports expanded strongly by 4.4 percent (unadjusted figures), signalling sustained domestic and external demand for foreign goods in Germany.

The contraction was broad-based within the European Union, where exports and imports both fell by about 4 percent, pointing to subdued intra-EU trade momentum. In contrast, trade with non-EU partners showed sharper imbalances: exports to third countries were broadly flat, while imports surged by over 6 percent, driven mainly by higher inflows from China, the United States, and the United Kingdom.

Bilateral patterns underline shifting trade dynamics. Exports to the US dropped sharply year on year, while exports to China rose modestly. Trade with Russian Federation remained marginal and volatile. Overall, the data suggest external headwinds to German export performance alongside resilient import demand, placing downward pressure on the country's traditional trade surplus. These updates take the RPI to minus 16 and the RPI-P to minus 2, meaning that economic activities continue to lag the expectations of the German economy.

The chronic surplus expected almost flat at E16.6 billion from E16.9 billion in October.

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.

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.