Germany’s trade surplus shrank in September 2024, falling to EUR 17 billion, down from a downwardly revised EUR 21.4 billion in August. This result came in lower than analysts’ expectations, which forecasted a surplus of EUR 20.9 billion. The decline in the trade surplus was largely driven by a decrease in exports and a rise in imports during the month.

Drop in Exports

Exports from Germany fell by 1.7% month-over-month in September, reaching EUR 128.2 billion. This marked a three-month low and reversed a slight 1.2% growth recorded in August. The drop was deeper than the anticipated 1.4% decline. Exports to key markets such as China and the UK saw notable decreases, with shipments to China falling by 3.7% and those to the UK dropping by 4.9%. Exports to the European Union (EU) also fell by 1.8%, and shipments to other third-party countries dropped by 1.6%.

Strong Growth to Russia and the US

Despite the overall decline, there were some positive signs for German exports. Shipments to Russia grew by 3.6%, while exports to the United States saw a 4.8% increase. These gains helped offset some of the losses from other regions, though they were not enough to prevent the overall drop in exports for the month.

Rise in Imports

On the imports side, Germany saw a 2.1% increase, reaching EUR 111.3 billion. This followed a revised 2.6% decrease in imports in August. A significant portion of the rise came from imports within the EU, which increased by 1.6%. Germany also increased imports from non-EU countries, particularly from China, which saw a 5.6% rise, and Russia, which grew by 20.1%. However, imports from the US and the UK decreased slightly by 0.3% and 0.6%, respectively. For the first nine months of 2024, Germany maintained a trade surplus of EUR 186.9 billion.