German Trade Surplus Above Estimates

Germany’s trade surplus widened to EUR 18.4 billion in May 2025, up from an upwardly revised EUR 15.7 billion in April and above market expectations of EUR 15.5 billion, as exports declined less than imports. Exports fell by 1.4% month-over-month to a four-month low of EUR 129.4 billion—worse than the expected 0.2% drop—mainly due to reduced sales to the US and China. Exports to the US fell 7.7%, reaching their lowest level since March 2022, weighed down by tariffs imposed under the Trump administration. Meanwhile, imports shrank by 3.8% to a five-month low of EUR 111.1 billion, reversing a downwardly revised 2.2% increase in April, and worse than market forecasts of a 0.9% drop. The decline was primarily driven by lower imports from both EU countries (-3.6%) and non-EU countries (-4.1%). For the first five months of 2025, Germany recorded a trade surplus of EUR 88.9 billion, with exports edging up 0.2% and imports rising 4.6% year-on-year.