Germany’s trade surplus narrowed to €13.1 billion in November 2025, down from an upwardly revised €17.2 billion in October and well below expectations of €16.5 billion. It marked the smallest trade surplus since December 2022, as exports fell while imports rose. Exports unexpectedly dropped 2.5% mom to a 13-month low of €128.1 billion, missing expectations of being flat, weighed by lower demand from EU trading partners, which fell 4.2%, and from third countries (-0.2%). Shipments to the US, Germany’s largest export destination, fell 4.2% amid the lingering impact of US tariffs, following a 7.8% drop in October. Meanwhile, exports to the UK and Russia fell by 8.1% and 5.5%, respectively. Imports rose 0.8% to €115.1 billion, surpassing forecasts of 0.2% growth, boosted by higher purchases from third countries, including China, the US, the UK, and Russia. For the 1st eleven months of 2025, Germany posted a trade surplus of €182.3 billion, as exports rose just 0.9% while imports grew 4.6%.