| Consensus | Consensus Range | Actual | Previous | Revised | |
| Balance | €16.5B | €13.6B to €17.0B | €14.5B | €14.3B | €14.7B |
| Imports - M/M | 1.2% | 5.1% | 4.5% | ||
| Imports - Y/Y | 6.3% | 11.1% | 10.4% | ||
| Exports - M/M | 0.9% | 0.5% | 0.3% | ||
| Exports - Y/Y | 3.6% | 6.9% | 6.6% |
Highlights
Germany's foreign trade performance remained resilient in April 2026, with both exports and imports recording moderate monthly gains. Exports increased by 0.9 percent to €136.6 billion, while imports rose slightly faster by 1.2 percent to €122.1 billion, resulting in a trade surplus of €14.5 billion. Although the surplus remains substantial, it has narrowed from €16.9 billion a year earlier, reflecting stronger import growth relative to exports.
The latest data suggest that domestic demand is strengthening, as evidenced by the robust 6.3 percent year-over-year increase in imports, compared with a 3.6 percent rise in exports. Trade with EU partners remained supportive, particularly exports to non-euro area EU countries, which grew by 3.0 percent month-over-month. However, external demand conditions remain mixed. While exports to the United States increased by 1.8 percent from March, they were still 12.9 percent lower than a year earlier, highlighting the effects of slowing transatlantic demand. Exports to both the United Kingdom and China also weakened during the month.
On the import side, Germany's reliance on global supply chains remains evident, with China continuing as its largest import source and imports from the United States rising strongly. In summary, the figures point to a trade sector that continues to support economic activity, but the narrowing surplus suggests that domestic demand is increasingly driving growth while external demand remains uneven and vulnerable to global economic headwinds. These updates take the RPI to minus 19 and the RPI-P to minus 6, meaning that economic activities are now falling behind market expectations in Germany.
Market Consensus Before Announcement
The consensus sees the surplus widening to E16.5 billion in April from E14.3 billion in March.
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.