Germany’s trade surplus narrowed to EUR 15.3 billion in September 2025, down from a downwardly revised EUR 16.9 billion in August and below expectations of EUR 16.8 billion. This marked the smallest trade surplus since October 2024, as exports rose slightly less than imports. Exports grew 1.4% mom to a five-month high of EUR 131.1 billion, surpassing forecasts of a 0.5% rise and rebounding from an upwardly revised 0.8% decline in August, marking the 1st rise in exports in three months, driven by higher demand from EU countries. Meanwhile, shipments to non-EU countries were unchanged overall, despite an 11.9% jump in exports to the US, the first increase in six months. Meanwhile, imports rose 1.3% to a 28-month high of EUR 115.9 billion, following an upwardly revised 1.4% fall in August and above expectations for a 0.5% gain. For the 1st nine months of the year, Germany registered a trade surplus of EUR 151.5 billion, with exports and imports rising by 0.7% and 4.8%, respectively.