German Exports Rise 2% in September, but Faster Import Growth Narrows Trade Surplus

German exports rose 2.0% in September from August, but imports increased more than twice as quickly, narrowing the country’s trade surplus despite a rebound in overseas sales. Calendar- and seasonally adjusted exports reached €141.1 billion, while imports climbed 4.2% to €125.5 billion, according to figures released Monday.

On an adjusted basis, the trade surplus fell to €15.6 billion from €17.9 billion in August. Exports to other European Union countries supplied much of the monthly gain, while sales to the United States and China declined, leaving Germany’s largest non-European markets out of step with the overall improvement.

Released on November 9, the preliminary figures from the Federal Statistical Office, known as Destatis, cover goods rather than all international trade. They also show a stronger year-over-year picture: adjusted exports were 7.7% higher than in September 2025, and imports were up 8.7% over the same period.

EU demand drives the export increase

Exports to EU member states rose 3.5% from August to €80.8 billion. That was well above the 0.1% increase in exports to countries outside the bloc, where shipments totaled €60.3 billion. The distinction matters because a gain in the national total could otherwise suggest a broad-based improvement across Germany’s major markets. September’s advance was concentrated much closer to home.

There was variation within the EU, too. Exports to countries using the euro increased 2.4% to €55.8 billion. Shipments to EU members outside the euro area rose 6.1% to €25.0 billion. The larger euro-area market contributed more in absolute value, but trade with non-euro EU partners grew faster in percentage terms.

Purchases from EU countries expanded as well. Germany imported €62.9 billion of goods from its EU partners, up 4.9% from August. Imports from euro-area countries rose 3.8% to €41.5 billion, while purchases from EU states outside the common-currency area increased 7.0% to €21.4 billion. Stronger trade within the bloc therefore appeared on both sides of the ledger.

Outside the EU, September’s figures were less supportive of an export recovery. The United States remained Germany’s largest individual export destination, taking €13.4 billion of goods, but sales there slipped 0.5% from August. They were still 10.3% above their level a year earlier, a reminder that a monthly decline and an annual increase can describe the same market without contradicting each other.

Exports to China fell 5.2% on the month to €5.5 billion. Meanwhile, imports from China rose 1.6% to €17.3 billion, making it Germany’s largest individual source of imported goods. German exports to the United Kingdom also declined, falling 4.7% to €7.3 billion. Those figures stand in contrast with the increase recorded among EU partners.

Looking beyond a single month, across January through September, adjusted exports to EU countries were up 6.5% from the corresponding period of 2025, while exports to China were down 13.4%. Shipments to the United States increased 2.1% over those nine months. These comparisons point to distinct regional trade patterns, although they do not by themselves explain what drove the changes.

Faster imports cut the surplus despite rising sales

Import growth, rather than an export decline, explains the smaller monthly trade surplus. September’s 4.2% monthly rise in imports exceeded the 2.0% rise in exports by 2.2 percentage points. As a result, the adjusted surplus decreased by €2.3 billion, even though export revenue was higher than in August.

Germany continued to export more goods than it imported. Its €15.6 billion adjusted surplus was also close to the €15.5 billion recorded in September 2025, despite the month-to-month decline. The September reading therefore signals a smaller positive balance than in August, not a shift into a trade deficit or a collapse in exports.

Original, unadjusted customs figures tell a related but separate story. On that basis, exports totaled €148.5 billion and imports €131.1 billion, leaving a €17.4 billion surplus. The unadjusted surplus had been €17.5 billion a year earlier. These totals differ from the adjusted €141.1 billion and €125.5 billion figures because the statistical treatments are different; combining an adjusted export number with an unadjusted import number would give a misleading result.

September’s increase also interrupted two months of falling adjusted exports in the latest statistical series. Destatis lists decreases of 0.2% in July and 0.4% in August, followed by the 2.0% rise in September. Even so, a stronger final month does not establish that every export industry improved throughout the third quarter.

Trade values are expressed in euros and can reflect changes in prices and in the types of goods traded, as well as changes in quantities. The release does not establish whether the faster rise in import values came mainly from consumer demand, purchases of industrial inputs, energy costs or another factor. Destatis explicitly cautioned that detailed September product data were not yet available to explain movements in trade with individual countries.

September’s rebound sits alongside mixed economic signals

Preliminary figures released October 30 showed Germany’s economy grew 0.2% in the third quarter from the previous three months. Destatis said in its October 30 gross domestic product estimate that the vigorous export performance seen in the first half of the year slowed noticeably during the third quarter. The September pickup is consistent with a better month at the end of that period, but it does not overturn the quarterly assessment.

Other recent manufacturing indicators point to some improvement without establishing a direct explanation for September’s export growth. New manufacturing orders increased 4.4% from August on an adjusted basis, including a 2.8% rise in foreign orders. Orders from the euro area grew 4.5%, compared with 1.6% from countries outside that currency bloc. Orders are a leading activity measure, however, and should not be treated as goods already exported.

German industrial production rose 0.7% in September from August, according to a separate Destatis report published November 6. Output in industry excluding energy and construction increased 1.7%. Those measures add context to the month’s export improvement, although production, orders and customs trade statistics capture different parts of the economy and do not move together automatically.

A fuller breakdown of what Germany actually shipped and purchased is due later this month. Destatis plans to update its provisional trade results alongside the detailed September figures on November 20. More complete third-quarter GDP results are scheduled for November 25, providing a separate view of how trade and other activity contributed to the economy.