Germany Post Smallest Trade Surplus in 8 Months

Germany’s trade surplus narrowed to EUR 14.9 billion in June 2025, down from an upwardly revised EUR 18.5 billion in May and below market expectations of EUR 17.3 billion. It was the smallest trade surplus since October 2024, as exports rose less than imports. Exports grew by 0.8% month-over-month to EUR 130.5 billion, beating forecasts of a 0.5% increase, supported by stronger sales to EU countries, which rose 2.4%. Within the EU, exports increased by 3.1% to the Euro area and by 1.0% to non-Euro area countries. In contrast, exports to non-EU (third) countries declined by 1.2%, mainly due to a 2.1% drop in sales to the United States. However, imports surged by 4.2% to a 25-month high of EUR 115.6 billion, rebounding from an upwardly revised 3.9% drop in May, and well above market expectations of 1.0% growth.