FX.co ★ German Trade Surplus Exceeds Expectations

Germany’s trade surplus widened to €21.2 billion in January 2026 from €15.9 billion a year earlier, easily beating market expectations of €15.2 billion and reaching its highest level since August 2024.

Exports declined 2.3% month-on-month to €130.5 billion, driven primarily by weaker sales to EU partners (-4.8%). This included a 5.7% drop in exports to Eurozone countries and a 2.7% decrease to other EU members. By contrast, exports to non-EU destinations rose 1.0%, supported by an 11.7% jump in shipments to the United States, Germany’s largest export market.

Imports fell even more sharply, dropping 5.9% month-on-month to €109.2 billion. Purchases from EU member states declined 6.5%, including a 5.9% fall from the Eurozone and a 7.8% decrease from non-Eurozone EU countries. Imports from non-EU countries also contracted by 5.3%, with particularly steep declines in deliveries from China (-8.3%) and the United States (-8.2%).