Germany runs lowest trade surplus with US in 5 years amid tariffs

BERLIN

Germany ran a trade surplus of 34.6 billion euros ($40.6 billion) with the US in January-July, the lowest in five years, according to the country’s statistical office Destatis on Friday.

The trade surplus of “Made in Germany” products with the US declined 15.1% on an annual basis in the first seven months of the year due to a decline in exports to the US and a rise in imports, the data showed.

Germany’s exports to the US fell 5.3% to $105.6 billion in January-July while its imports from the US climbed 2.2% to $65 billion.

Destatis said Germany’s foreign trade surplus with China reached $55.9 billion, rising 54.1% year-on-year, while its exports to Türkiye climbed 9.4% to $20.8 billion and its imports rose 10.8% to $17.9 billion in January-July.

Germany’s trade surplus with the US reached a record high of around $82.2 billion last year, which US President Donald Trump criticized.

In 2024, German exports to the US totaled $189.3 billion, up 2.2%, while its imports from the US reached $107.2 billion, marking a 7% rise.

Germany ran its highest foreign trade surplus with the US since 2017, data showed.

Experts say Germany’s exports are under pressure from aggressive industrial and trade policy measures by China and the US to reduce dependence.

They say the US’ tariff policy and the ramping competition from China spell bad news for the German export sector and its economic growth in general.