FX.co ★ German Trade Surplus Narrows in September

Germany’s trade surplus narrowed to €15.6 billion in September 2026 from €17.9 billion in August, its lowest level in three months and below market expectations of €19.2 billion, as imports grew more quickly than exports. Imports rose 4.2% month-on-month to €125.5 billion, driven by a 4.9% increase in purchases from EU partners and a 3.6% rise in imports from non-EU countries. By origin, imports from China were up 1.6%, those from the US jumped 6.2%, and imports from the UK increased 1%.

Exports grew at a slower pace, rising 2% to €141.1 billion. Shipments to EU countries increased 3.5%, while exports to non-EU countries edged up just 0.1%. Within non-EU markets, exports to the US slipped 0.5%, exports to China fell 5.2%, and shipments to the UK declined 4.7%.

On a year-on-year basis, exports were up 7.6% and imports rose 8.7%. Over the period from January to September, Germany’s cumulative trade surplus reached €151.7 billion, slightly higher than the €150.6 billion recorded in the same period a year earlier.