Finance
German exports fall slightly more than expected in January
Published by Global Banking & Finance Review®
Posted on March 10, 2026
2 min readLast updated: March 10, 2026
Quick Summary
German exports dropped 2.3% in January month‑on‑month, below the +2.0% forecast in the Reuters poll, signaling continued weakness in external demand and knocking trade figures for the start of 2026.
German exports record sharpest decline since May 2024
Overview of Germany's Export and Import Performance
By Rene Wagner
BERLIN, March 10 (Reuters) - German exports recorded their sharpest decline in more than a year and a half in January due to falling demand from China and Europe, federal statistics office data showed on Tuesday.
Export and Import Figures for January
Exports shrank by 2.3% in January compared with the previous month to 130.5 billion euros ($152.06 billion), their biggest fall since May 2024.
Analysts polled by Reuters had expected a 2.0% decrease.
Import Trends
Imports fell even more sharply than exports in January, plunging 5.9% to 109.2 billion euros, marking their largest decline since April 2020.
Analysts had predicted slight growth of 0.2%.
Key Export Destinations and Sector Insights
United States Remains Main Destination
UNITED STATES REMAINS MAIN DESTINATION
The majority of January exports once again headed to the United States, where goods worth 13.2 billion euros were delivered.
That was 11.7% more than in December, even as the high tariffs introduced by President Donald Trump weighed on demand for German-made goods.
Impact of U.S. Tariffs and Economic Headwinds
"U.S. tariffs are still weighing on exports and will probably only show their full impact this year, notwithstanding the new uncertainty since the Supreme Court's ruling," ING economist Carsten Brzeski said.
With the additional shock from weaker China demand and increased competition, as well as surging energy prices as a result of the Iran war, Germany faces an array of headwinds, he said.
Trade with China and the European Union
German trade with China slumped. Exports fell by 13.2% to 6.3 billion euros.
Exports to European Union countries also fell by 4.8% to 71.6 billion euros.
Exchange Rate and Reporting Credits
($1 = 0.8582 euros)
(Reporting by Rene WagnerAdditional reporting by Danny Callaghan and Tristan VeyetWriting by Miranda Murray Editing by Friederike Heine and Andrew Heavens)
Key Takeaways
- •Exports fell 2.3% in January versus expectations of a 2.0% decline, underlining softer-than‑anticipated trade momentum (apnews.com)
- •The decline follows a strong December rebound—exports rose about 4% in December to a 20‑month high of €133.3 billion (tradingeconomics.com)
- •Broader backdrop remains fragile: growth for 2026 has been trimmed to around 1.0%, and headwinds including Chinese competition, sluggish global demand, and elevated tariffs persist (apnews.com)
References
Frequently Asked Questions about German exports fall slightly more than expected in January
1By how much did German exports fall in January?
German exports fell by 2.3% in January compared to the previous month.
2Which organization reported the German export data?
The data was reported by the German federal statistics office.
3Where can more detailed economic data be found?
More detailed economic data is published on the federal statistics office's website.
