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01:15 GMT · Markets wrap ›

German exports jump 2% in September, beating forecasts

Cream MoneyTurkey Economics number board, Monday 9 Nov 2026: German exports September. Exports +2.0% m/m vs Reuters poll +0.5% (after July and August drops). Imports +4.2% m/m; €125.5bn ≈ $140.4bn. Exports to EU countries +3.5%; €80.8bn ≈ $90.4bn. Trade surplus narrowed to €15.6bn ≈ $17.5bn (was €17.9bn ≈ $20.0bn). EUR/USD 1.119 (exa.ai 9 Nov 2026). Source: Destatis via Reuters, 9 Nov 2026. Chart: MoneyTurkey.

September data showed a 2% month-on-month rise, above the 0.5% consensus, as EU demand lifted shipments.

MoneyTurkey Economics Desk | 9 November 2026

Key points

  • German exports rose 2% in September, beating the 0.5% forecast after two prior monthly declines.
  • Imports climbed 4.2%, well above the 0.5% expected, narrowing the trade surplus.

German exports rose 2% month-on-month in September, exceeding the 0.5% increase forecast by analysts polled by Reuters. The federal statistics office data, released on Monday, followed two consecutive monthly declines. The gain was driven mainly by demand from other European Union countries. Imports also rose sharply, trimming the trade surplus.

What happened

The statistics office reported that exports increased 2% from August, compared with the 0.5% rise expected by economists. The previous two months had seen declines. Demand from other EU countries drove most of the gain.

Imports rose 4.2% month-on-month, against a consensus forecast of 0.5%. The stronger import growth narrowed the trade surplus even as exports expanded.

What the numbers say

The 2% export increase followed drops in July and August. Imports grew 4.2%, outpacing exports by more than two percentage points.

Alexander Krueger, chief economist at Bethmann HAL Bank, said the figures bode well for Germany’s economy overall, showing some resilience to competition from China. “Foreign trade is likely to underpin economic growth for the time being, but not drive it,” he said.

Why it matters

The data suggest the euro-zone’s largest economy is finding some footing after a weak summer. A sustained export recovery would ease pressure on fourth-quarter output, though Krueger’s view is that trade will support growth rather than lead it.

The stronger-than-expected import rise points to firmer domestic demand, which could support activity in supplier countries within the single market. The narrower surplus, however, implies less net-trade contribution to headline growth than the export headline alone suggests.

What to watch

  • October trade figures for signs of follow-through
  • Upcoming euro-zone activity data for confirmation of the EU demand pickup
  • Any revision to Q3 GDP estimates once full trade data are in

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For information only. Not investment advice.

Sources