FX.co ★ German Trade Surplus Smallest in 5 Months

Germany’s trade surplus narrowed to €14.5 billion in April 2026 from a downwardly revised €14.7 billion in March, falling short of market expectations of €15.0 billion. It was the smallest surplus since November, as imports grew more rapidly than exports.

Exports unexpectedly rose by 0.9% month-on-month to €136.6 billion, the highest level in nearly three and a half years. This marked an acceleration from the revised 0.3% increase in March and contrasted with forecasts of a 0.3% decline. Shipments to EU member states were up 1.0%, while exports to non-EU countries increased by 0.7%.

Imports climbed 1.2% on the month to €122.1 billion, their highest level since November 2022, though this represented a slowdown from the revised 4.5% jump recorded in March. The increase was supported by higher purchases from both EU partners (up 1.8%) and non-EU countries (up 1.2%).

Over the first four months of the year, Germany posted a cumulative trade surplus of €69.2 billion, with exports rising 2.1% and imports 2.8% compared with the same period a year earlier.