Germany’s trade surplus narrowed to €14.7 billion (vs €15.4 billion expected) in July 2025, down from  €15.4 billion in June and €17.7 billion in July 2024, as exports fell more sharply than imports on a monthly basis.

• Exports declined -0.6% MoM but were up +1.4% YoY to €130.2B, while imports dipped -0.1% MoM and rose +4.3% YoY to €115.4B.

• Trade with EU partners was positive, with exports rising +2.5% MoM to €74.8B and imports up +1.1% MoM to €60.3B; euro area trade contributed most of the gains.

• Exports to non-EU countries dropped -4.5% MoM, with steep declines to the U.S. (-7.9% MoM; -14.1% YoY to €11.1B), China (-7.3% MoM to €6.4B), and the UK (-3.1% MoM to €7.0B).

• Trade with the US was stressed by tariffs in July as exports to the US dropped -7.9% MoM and imports from the US were down -10.0% MoM.

• Imports from China fell -2.4% MoM to €14.3B, while imports from the U.S. plunged -10.0% MoM to €7.8B; UK imports rose +7.8% MoM to €3.2B.

• Trade with Russia weakened further, with exports down -12.4% MoM and -19.8% YoY to €0.5B, while imports collapsed -43.9% MoM and -40.3% YoY to €0.1B.