09.04.202606:21:53UTC+00German Trade Surplus Narrows in February

Germany’s trade surplus narrowed to €19.8 billion in February 2026 from a downwardly revised €20.3 billion in January, though it remained above market expectations of €18.5 billion.

Exports rose 3.6% month-on-month to a three-year high of €135.2 billion, rebounding from a downwardly revised 1.5% decline in January and beating forecasts for a 1% increase. Shipments to EU member states climbed 5.8%, while exports to non-EU countries grew 0.8%, driven by an 11.7% rise in exports to the UK and a 26.9% surge in exports to Russia. In contrast, exports to the US, Germany’s largest single export market, fell 7.5%, and those to China declined 2.5%.

Imports jumped 4.7% month-on-month to €115.4 billion, reversing a downwardly revised 5.1% drop in January and surpassing the consensus estimate of a 4% increase. Purchases from EU partners rose 5.1%, supported by higher imports from both euro area countries (up 4.5%) and non-euro area members (up 6.3%).

Over the first two months of the year, Germany recorded a cumulative trade surplus of €40.1 billion.