June imports hit their highest level since November 2022, with EU demand driving a broad rebound that pushed the trade surplus below expectations.
Germany's trade surplus narrowed to €15.4 billion in June 2026 from an upwardly revised €19.3 billion in May, missing expectations of €17.4 billion as imports rose faster than exports. Exports increased 0.9% month on month to a nearly four-year high of €139.3 billion after an upwardly revised 1.1% gain in May, exceeding forecasts for 0.2% growth. Imports climbed 4.4% to €123.9 billion, the highest level since November 2022, reversing a marginally revised 2.6% drop in May and easily beating estimates for a 1.0% increase. Purchases from EU member states rose 7.4%, including a 7.5% increase from euro-area countries and a 7.3% gain from non-euro-area EU members, while imports from non-EU countries grew 1.4% as a 9.0% rise in shipments from China offset declines of 9.6% from the U.S. and 16.7% from the United Kingdom. On an annual basis, total imports rose 14.0% after May's 1.5% increase, and first-half imports were up 4.4% from a year earlier at €711.6 billion.