German trade surplus narrows more than expected in March as imports jump

Germany’s foreign trade surplus narrowed more than expected in March as imports rose sharply, the Federal Statistical Office (Destatis) said Friday.

The trade surplus fell to €14.3 billion ($16.8 billion) in March from €19.6 billion in February. Markets had expected the surplus to come in at €17.8 billion.

Exports rose 0.5% month-on-month to €135.8 billion in March, while imports jumped 5.1% to €121.5 billion.

Compared with March 2025, exports climbed 1.9%, while imports jumped 7.2%, according to provisional data.

Germany’s exports to EU countries rose 3.4% from the previous month to €78.4 billion, while imports from the bloc climbed 3% to €61 billion. Exports to euro area countries rose 4.1% to €54.8 billion, while imports from these countries increased 1.7% to €40.8 billion.

However, exports to non-EU countries fell 3.3% month-on-month to €57.4 billion, while imports from those countries increased 7.4% to €60.5 billion.

The US remained Germany’s largest export market in March, but shipments to the country fell 7.9% from February to €11.2 billion.

On an annual basis, exports to the US dropped 21.4%, the sharpest year-on-year decline since June 2020.

Exports to the UK rose 3.2% month-on-month to €7.4 billion, while exports to China dropped 1.8% to €6 billion.

China was Germany’s largest source of imports in March, with imports from the country rising 4.9% from the previous month to €15.6 billion.

Imports from the US fell 3.7% to €8 billion, while imports from the UK increased 11.7% to €3.5 billion.