FX.co ★ German Exports Drop for 2nd Month

Germany’s exports declined by 0.8% month-on-month to €137.6 billion in August 2026, following a downwardly revised 0.5% decrease in July and defying market expectations of a 0.8% increase. This was the second consecutive monthly drop in exports.

The decline was largely driven by weaker shipments to EU member states, which fell 0.6% to €77.5 billion. Within the EU, exports to non-euro area countries dropped sharply by 3.5% to €23.2 billion, while exports to the euro area rose by 0.8% to €54.3 billion.

Exports to non-EU countries (“third countries”) also decreased, slipping 1.1% to €60.0 billion. This was mainly due to a 6.3% fall in exports to the US, which outweighed export gains to China (up 4.7%) and the UK (up 16.7%).

Despite the recent monthly weakness, Germany’s exports were 6.2% higher in August than a year earlier. Over the period from January to August, total exports rose 4.4% compared with the same period a year before, reaching €1,092.7 billion.