Germany’s exports fell 2.3% month-on-month to €130.5 billion in January 2026, reversing a downwardly revised 3.9% increase in December and performing worse than market expectations of a 2% decline. Shipments to EU member states dropped 4.8%, with exports to the Eurozone falling 5.7% and those to non-Eurozone declining 2.7%. In contrast, exports to third countries rose 1%, supported by an 11.7% surge in shipments to the United States, Germany’s largest export market. Exports to the United Kingdom fell 2.6%, while shipments to China plunged 13.2% and those to the Russian Federation declined 5.9%.