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Germany’s trade surplus narrowed to €13.1 billion in November 2025, down from an upwardly revised €17.2 billion in October and below market expectations of €16.5 billion. This was the smallest surplus since December 2022, as exports fell 2.5% to a 13-month low of €128.1 billion, missing forecasts for flat growth. Weak demand from the EU (-4.2%) and other trading partners (-0.2%) weighed on shipments, with exports to the US, Germany’s largest market, declining 4.2% amid the ongoing impact of tariffs. Exports to the UK also fell sharply, down by 8.1%. Imports rose 0.8% to €115.1 billion, above the expected 0.2%, supported by higher purchases from China (8.0%), the US (7.9%), and the UK (10.9%). For the first eleven months of 2025, Germany recorded a trade surplus of €182.3 billion, with exports up just 0.9% while imports rose 4.6%.