German Exports Fall More than Expected

Exports from Germany declined by 1.4% month-over-month to a four-month low of EUR 129.4 billion in May 2025, following a downwardly revised 1.6% drop in April and coming in worse than market expectations of a 0.2% decline. Exports to the US fell sharply by 7.7%, reaching their lowest level since March 2022, weighed down by tariffs imposed under the Trump administration. Exports to China shrank by 2.9%, while shipments to Russia plunged 12.2%. Exports to the European Union also declined, falling by 2.2%. Within the EU, shipments to Euro-area countries dropped by 2.6%, while those to non-Euro-area EU countries fell by 1.3%. Meanwhile, exports to non-EU countries slipped 0.3%. In contrast, exports to the United Kingdom surged 15.1%. For the first five months of 2025, Germany’s total exports edged up by 0.2% year-on-year to EUR 655.0 billion.