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

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.