Germany’s trade surplus narrowed to €14.9 billion in June 2025 (vs €18.5 billion in May), below expectations of a smaller drop to €17.3 billion.

• Imports (+4.2% MoM) outpaced exports (+0.8% MoM). On an annual basis, exports rose +2.4% YoY and imports jumped +7.9% YoY.
• Exports to the U.S. fell -2.1% MoM and -8.4% YoY, the third straight monthly decline and lowest since Feb 2022.
• Imports from China rose +5.8% MoM to €14.6B, while imports from the U.S. surged +19.8% MoM to €8.8B.
• Trade with EU countries was broadly positive: exports to euro area nations rose +3.1% MoM, and imports from them rose +3.9%.
• Exports to China edged up +1.1% MoM; exports to the UK rose +0.4% MoM, while imports from the UK fell -5.5%.
• Exports to Russia increased +10.3% MoM and +3.6% YoY; imports from Russia rose +46.0% MoM but remain down -17.7% YoY.