Zweiter Rückgang in Folge: Sommerflaute trifft deutschen Außenhandel

Germany's export economy experienced a second drop in August, following a weak July, as a summer lull impacted the country's international trade. The value of exported goods decreased by 0.8% compared to July, totaling 137.6 billion euros, while imports rose by 0.9% to 118.1 billion euros. This results in a declining trade surplus of 19.5 billion euros, down from 21.6 billion euros in July.

Exports increased nominally by 6.2% and imports by 5.5% compared to the same month in the previous year. However, the German Industry and Trade Chamber (DIHK) states that the export recovery was only a mild breeze, and sustained growth cannot be solely attributed to individual markets or one-time effects, as stated by DIHK head of external trade Volker Treier.

The trade gap with China widened further, despite a 4.7% increase in exports to China, as imports from China surged by 10.1% in the first eight months of the year, leading to an overall decrease of 12.9% in German exports to China. The Foreign Trade Association BGA demands Brussels to take action against the growing imbalances, calling for clear evidence and high intervention thresholds.

China's role has shifted from a welcomed export market to a rival, with German exports to China dropping from 8% in 2020 to 4% in the first half of 2026. Meanwhile, the US market remains crucial, accounting for around 9% of German exports, even with trade tensions. Despite tariffs, the US remains the largest single market for German exports, with a 6.3% decrease in shipments compared to the previous month.

Nevertheless, the US continues to be the biggest single market, with a 1.1% increase in German exports over the year. In the European Union, German companies exported goods worth 77.5 billion euros and imported goods worth 59.3 billion euros, marking a 0.6% decrease compared to July and a 0.4% decrease, respectively. Outside the European Union, German exports decreased by 1.1% compared to July.

The BGA earlier raised its forecast for German exports in 2024, expecting a 1.0% increase to 1.580 billion euros, but warned of challenging times ahead, especially in the US and China.