Germany's trade surplus narrowed to €14.5 bil (vs €15.0 bil expected) in April as exports rose +0.9% MoM while imports increased a faster +1.2% MoM.

• On a YoY basis, exports were up +3.6% and imports climbed +6.2%, resulting in a trade surplus of €14.5 bil, down from €14.7 bil in March and below the €16.9 bil surplus recorded a year ago.
• Trade with the EU remained supportive. Exports to EU countries increased +1.0% MoM, while imports rose +0.4%. Exports to non-euro area EU members were particularly strong, rising +3.0% MoM.
• Trade outside the EU was more mixed. Exports to third countries rose +0.7% MoM, but imports increased +2.0% MoM, contributing to the narrowing trade surplus.
• The United States remained Germany's largest export destination. Exports to the US increased +1.8% MoM to €11.4 bil, though they were still down -12.9% YoY. Exports to the UK fell -9.5% MoM and exports to China declined -3.5% MoM.
• On the import side, China remained Germany's largest supplier, with imports rising +0.2% MoM. Imports from the US increased +7.6% MoM, while imports from the UK fell -4.7% MoM.
• Overall, the report points to continued resilience in German trade flows, though stronger import growth and softer exports to key markets such as China and the UK limited improvement in the trade balance.