FX.co ★ German Trade Surplus Largest in 3 Months

Germany’s trade surplus widened to €19.1 billion in May 2026, up from an upwardly revised €14.7 billion in April and above market expectations of €14.8 billion. This was the largest surplus since February.

Exports unexpectedly rose by 0.9% month-on-month to €137.9 billion in May, the highest level in more than three and a half years. This followed a downwardly revised 0.8% increase in April and defied forecasts of a 0.3% decline. Shipments to non-EU (“third”) countries grew by 3.6%, driven in particular by a 23.1% jump in exports to the United States, Germany’s largest export market.

Imports fell by 2.5% month-on-month to €118.8 billion in May, the lowest level in three months. This reversed a marginally revised 1.1% increase in April and undershot expectations of a 0.1% rise. Purchases from EU member states declined by 2.5%, while imports from non-EU countries dropped 2.6%, including a 2.0% fall in shipments from China.

Over the first five months of 2026, Germany recorded a cumulative trade surplus of €88.4 billion, with exports up 3.0% and imports rising 3.7% year-on-year.