FX.co ★ German Trade Surplus Narrows in August

Germany’s trade surplus narrowed to €19.5 billion in August 2026 from a revised two-and-a-half-year high of €21.6 billion in July, but slightly exceeded market expectations of €19 billion. The adjustment came as exports declined and imports picked up.

Exports fell 0.8% month-on-month to €137.6 billion. Shipments to EU member states decreased by 0.6%, while exports to non-EU (third) countries were down 1.1%. Within this group, exports to the US dropped 6.3%, whereas shipments to China rose 4.7% and exports to the UK jumped 16.7%.

Imports, by contrast, increased 0.9% to €118.1 billion. Purchases from EU countries slipped 0.4%, but imports from third countries climbed 2.2%. Imports from China surged 11%, while those from the US edged down 0.5% and imports from the UK fell 3.8%.

On a yearly basis, exports grew 6.2% and imports rose 5.5%. Over the period from January to August, Germany’s cumulative trade surplus widened to €146.0 billion, up from €140.4 billion in the same period a year earlier.