FX.co ★ German Trade Surplus Largest in Two Years

Germany’s trade surplus widened to €21.3 billion in July 2026 from €15.4 billion in June, beating expectations of €16 billion and reaching its highest level since August 2024, as exports declined less than imports. Exports slipped 0.8% month-on-month to €138.2 billion, versus forecasts for no change. Sales to EU partners fell 1.6%, while shipments to non-EU countries inched up 0.2%, driven by a 19.1% surge in exports to the US. By contrast, exports to China dropped 9.5% and those to the UK decreased 7.2%.

Imports contracted 5.7% to €116.9 billion, with purchases from EU member states down 6.1% and those from non-EU countries 5.3% lower. Imports from China, the US and the UK declined by 7.5%, 8.2% and 1%, respectively. Over the period from January to July, Germany’s cumulative trade surplus rose to €125.8 billion, up from €122.8 billion in the same period a year earlier.