Binnenmarkt: Deutsche Exporte sinken erneut – Importe legten im Gegensatz zu

The German export engine stuttered in the summer, with foreign sales shrinking for a second consecutive month. Demand from Europe and the United States fell, causing exports to drop by 0.8 percent compared to the previous month to 137.6 billion euros, according to the Federal Statistical Office. Economists surveyed by the Reuters news agency had forecast growth of 0.6 percent.

Exports had already declined by 0.5 percent in July, marking a series of five consecutive increases. Volker Treier, head of foreign economic affairs at the German Industry and Commerce Chamber (DIHK), said the latest decline showed that the export boost was only a "faint breeze." First-half foreign trade had unexpectedly been strong and boosted the economy of Europe's largest country, helped by Asian competitors suffering more from supply chain problems due to the war in the Middle East.

The unexpected drop in exports is likely to have weighed on the economy in the just-ended third quarter. "We can expect only modest growth," predicted Thomas Gitzel, chief economist at VP Bank. Low water levels in the Rhine, Germany's main inland waterway, were seen as a reason for the summer export slowdown. "The weak performance in July and August could be a hint that low water levels are hurting the economy," said ING chief economist Carsten Brzeski.

Record low water levels on Germany's most important inland waterway slowed the transport of "Made in Germany" goods, primarily shipped out from the Rotterdam port to the rest of the world. The German business with China grew by 4.7 percent to 5.9 billion euros. German imports rose by 0.9 percent to 118.1 billion euros in August, compared to the previous month, compared to exports which fell.

Germany's trade balance, the difference between exports and imports, showed a surplus of 19.5 billion euros. German exporters raised their growth forecast this week as exports grew by 4.4 percent to 1,092.7 billion euros despite the weak summer months. The Federal Association of Wholesale, Export, and Services (BGA) expects exports to grow by 1.0 percent in 2026, up from the previous forecast of 0.6 percent.

Imports are expected to grow by three percent as usual. "The German foreign trade is stabilizing, but we are far from a trend reversal," said BGA President Dirk Jandura. Part of the previous growth was due to higher prices.