FX.co ★ German Exports Fall More than Expected

Germany’s exports declined by 2.3% month-on-month to €130.5 billion in January 2026, reversing a downwardly revised 3.9% increase recorded in December and underperforming market expectations of a 2% drop. Shipments to EU member states fell by 4.8%, with exports to the Eurozone down 5.7% and those to non-Eurozone EU countries decreasing by 2.7%. By contrast, exports to non-EU destinations rose by 1%, driven primarily by an 11.7% surge in shipments to the United States, Germany’s largest export market. Exports to the United Kingdom declined by 2.6%, while shipments to China plunged 13.2% and those to the Russian Federation fell 5.9%.