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Germany’s trade surplus narrowed to EUR 14.9 billion in June 2025, down from an upwardly revised EUR 18.5 billion in May and below market expectations of EUR 17.3 billion. This marked the smallest trade surplus since October 2024, as exports rose less than imports. Exports grew by 0.8% mom to EUR 130.5 billion, surpassing forecasts of a 0.5% increase, supported by stronger sales to EU countries, which rose 2.4%. Within the EU, exports grew by 3.1% to the Euro area and by 1.0% to non-Euro area countries. In contrast, exports to non-EU countries fell by 1.2%, mainly due to a 2.1% drop in sales to the US, the lowest since February 2022. Meanwhile, imports surged 4.2% to a 25-month high of EUR 115.6 billion, rebounding from an upwardly revised 3.9% drop in May and exceeding expectations of 1.0% growth. The increase was primarily driven by higher imports from both EU countries (3.5%) and non-EU countries (5.0%). For H1 of 2025, Germany recorded a trade surplus of EUR 104.5 billion.