Germany: Merchandise exports fall in April as boost from front-loading ahead of U.S. tariff hikes fades
Latest reading: Merchandise exports shrank 1.7% month on month in seasonally adjusted terms in April, contrasting March’s 1.2% rise and marking the first decline in six months as front-loading efforts ahead of U.S. tariffs simmered down. Meanwhile, merchandise imports rebounded 3.9% on a monthly basis in April (March: +1.4% mom s.a.).
As a result, the merchandise trade balance deteriorated from the previous month, recording a EUR 14.7 billion surplus in April (March 2025: EUR 23.5 billion surplus; April 2024: EUR 23.5 billion surplus). Lastly, the trend worsened, with the 12-month trailing merchandise trade balance recording a EUR 219.0 billion surplus in April, compared to the EUR 227.7 billion surplus in March.