Germany: Merchandise exports growth accelerates amid front-loading in December
Latest reading: Merchandise exports rose 3.5% month on month in seasonally adjusted terms in December, following November’s 2.3% rise. December’s outturn marked the fastest expansion since January 2024 and beat market expectations of a decline. The upturn reflected front-loading efforts ahead of looming U.S. tariffs on the EU. Meanwhile, merchandise imports climbed 2.7% on an monthly basis in December (November: -2.7% mom s.a.), marking the strongest reading since July 2024.
Meanwhile, the merchandise trade balance deteriorated from the previous month, recording a EUR 14.0 billion surplus in December (November 2024: EUR 20.4 billion surplus; December 2023: EUR 16.1 billion surplus). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a EUR 239.1 billion surplus in December, compared to the EUR 241.2 billion surplus in November.