Germany’s trade surplus narrowed to €19.8 billion in February 2026, down from a downwardly revised €20.3 billion in January, though it remained above expectations of €18.5 billion. Exports rose 3.6% mom to a three-year high of €135.2 billion in February, following a downwardly revised 1.5% drop in January and exceeding expectations of a 1% rise. Shipments to EU member states increased 5.8%, while those to third countries rose 0.8%, supported by a 4.1% rise in shipments to the UK and a 26.9% jump in exports to Russia. By contrast, exports to the US, Germany’s largest export market, fell 7.5%, while those to China dropped 2.5%. Meanwhile, imports surged 4.7% mom to €115.4 billion, reversing a downwardly revised 5.1% decline in January and surpassing estimates of 4%. Purchases from EU partners jumped 5.1%, supported by increases from both euro area members (4.5%) and non-euro area countries (6.3%). For the first two months of the year, the country posted a €40.1 billion trade surplus.