Alemanha Balança Comercial

Germany's trade surplus widened to EUR 21.1 billion in March 2025, up from an upwardly revised EUR 18 billion in February, above forecasts of EUR 19.1 billion, marking the largest surplus since last December. Exports grew by 1.1% mom to an 11-month high of EUR 133.2 billion in March, above expectations of 1%, mainly driven by higher sales to the US and China. Sales to EU countries rose 3.1%, specifically to the Euro area (3.8%) and the non-Euro area (1.6%). By contrast, sales to third countries fell by 1.1%, due to lower sales to the UK (-2.8%). However, exports to the US grew 2.4% ahead of the imposition of new US tariffs, while shipments to China jumped by 10.2%. Imports unexpectedly fell by 1.4% to a three-month low of EUR 112.1 billion, missing the consensus of a 0.4% growth. Imports from the EU shrank by 3.5%, with a fall from the Euro area (-5.8%). Meanwhile, purchases from third countries rose by 0.8%, amid higher arrivals from the US (7.9%), China (9.6%), and Russia (9.8%).