German exports increased 2.1% MoM in November, slightly above expectations of a 2.0% MoM increase, and the trade balance improved to €19.7 billion. Imports were down -3.3% MoM, which made the trade balance move larger.

The increase in exports came from a 14.5% MoM increase in exports to the US and an 8.6% MoM increase in exports to the UK. The large increase in exports to the US could be companies frontrunning imports before Trump gets into office. Exports to other EU countries actually fell -1.7% MoM. Imports fell across the board with the largest decline in imports from euro area countries (-5.2% MoM).