German Trade Surplus Narrows Despite Rising Exports — Update

By Don Nico Forbes

German exports rebounded in September, offering some relief to manufacturers after a volatile summer, but faster growth in imports weighed on the country's trade surplus.

Exports increased 2.0% on month to 141.1 billion euros ($157.23 billion), compared with a 0.4% fall in August, Germany's statistics agency said Monday. Imports rose 4.2% to 125.5 billion euros.

The trade surplus narrowed to 15.6 billion euros from 17.9 billion euros in August, although it was little changed from 15.5 billion euros a year earlier.

The figures follow signs of a tentative recovery in German industry, with manufacturing orders rising in September alongside industrial production.

Resilience continues to be supported by government investment in infrastructure and defense, while disruptions to competitors in Asia have also provided a boost to some German manufacturers since the outbreak of war in the Middle East.

Exports were boosted by trade with other European Union countries, with shipments up 3.5%.

Still, deeper structural shifts are weighing on Germany's traditional export model, with Chinese manufacturers providing intense competition in sectors such as automobiles, machinery and industrial equipment. Germany imported 17.3 billion euros of goods from China in September, more than three times the value of its exports there, which fell 5.2%.

Exports to the U.S., which accounted for the bulk of German overseas shipments, also slipped 0.5%. President Trump announced a fresh 10% tariff on EU goods imports in July, though a heavy defeat in last week's midterm elections has added a degree of uncertainty to the trade outlook.

Write to Don Nico Forbes at don.forbes@wsj.com

(END) Dow Jones Newswires

November 09, 2026 03:19 ET (08:19 GMT)