Germany's trade surplus widened to €21.2 billion in January 2026 from €15.9 billion in the same month a year earlier, easily surpassing market expectations of €15.2 billion and marking the largest surplus since August 2024. Exports fell 2.3% month-on-month to €130.5 billion, mainly due to lower shipments to EU member states (-4.8%), particularly within the Eurozone (-5.7%) and outside the Eurozone (-2.7%). In contrast, shipments to third countries rose 1%, supported by an 11.7% surge in exports to the United States, Germany’s largest export market. Meanwhile, imports dropped more sharply, falling 5.9% month-on-month to a seventeen-month low of €109.2 billion. Arrivals declined from EU member states (-6.5%), including the Eurozone (-5.9%) and non-Eurozone countries (-7.8%). Arrivals from third countries also dropped 5.3%, with imports from China (-8.3%) and the United States (-8.2%) recording notable declines.