Germany’s trade surplus surged to EUR 19.7 billion in November 2024, up from EUR 13.4 billion in October and well above market expectations of EUR 14.8 billion. This marks the largest trade surplus since August, reflecting strong export growth coupled with a surprising decline in imports. The figures highlight Germany’s ongoing resilience in international trade despite global economic challenges.

Exports Rebound Strongly

Exports grew by 2.1% month-on-month to EUR 127.3 billion, exceeding forecasts of 2% growth. This rebound followed a sharp, upwardly revised 2.9% drop in October. Sales to non-EU countries led the growth, rising by 6.9% as exports to the US surged 14.5%, to Russia by 21.0%, and to the UK by 7.2%. However, exports to China declined by 4.2%, reflecting ongoing challenges in trade with the Asian giant. In contrast, sales to EU countries decreased by 1.7%, suggesting weaker demand within the bloc.

Imports Fall to a Five-Month Low

On the import side, Germany saw an unexpected 3.3% decline in November, bringing total imports to a five-month low of EUR 107.6 billion. This was contrary to forecasts of a 0.7% increase and followed a modest 0.3% drop in October. Purchases from non-EU countries fell by 2.1%, with significant declines from China (-3.1%), the US (-3.7%), the UK (-4.7%), and Russia (-24.1%). Imports from EU countries also dropped sharply by 4.4%, underscoring broad-based weakness in inbound trade.

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Year-to-Date Trade Surplus Highlights Robust Performance

For the first eleven months of 2024, Germany posted a cumulative trade surplus of EUR 220 billion, reflecting the country’s strong export performance throughout the year. November’s data further emphasizes Germany’s position as a global export powerhouse, even as shifting trade dynamics with key partners like China and the EU present challenges. The widening surplus suggests that external trade will remain a critical driver of the German economy heading into 2025.

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