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Germany’s trade surplus narrowed to €15.3 billion in September 2025, down from a downwardly revised €16.9 billion in August and below market expectations of €16.8 billion, marking the smallest surplus since October 2024. Imports jumped 3.1% to €115.9 billion, their highest level since May 2023, far exceeding forecasts of a 0.5% increase, driven by stronger purchases from non-euro area European countries and third countries including China, the US, and the UK. Meanwhile, exports grew 1.4% to €131.1 billion, a five-month high and above expectations of a 0.5% rise, supported by stronger demand from EU trading partners. Shipments to non-EU countries were flat overall, though exports to the US surged 11.9%, marking the first increase in six months. Over the first nine months of 2025, Germany recorded a trade surplus of €151.5 billion, as exports rose just 0.7%, constrained by US tariffs, while imports climbed 4.8%.