German exports rise 2% in September, but sales to China and US fall

What happened. On November 9 Destatis published provisional foreign trade data. In September 2026 Germany exported goods worth €141.1 billion, adjusted for seasonal and calendar effects. That is 2.0% more than in August and 7.7% more than a year earlier. Investing.com says analysts expected a 0.5% rise.

Imports grew faster. Imports rose 4.2% on the month to €125.5 billion, and 8.7% on the year. So the surplus, the gap between exports and imports, narrowed to €15.6 billion. It was €17.9 billion in August and €15.5 billion in September last year.

Where the growth came from. Exports to EU countries rose 3.5% to €80.8 billion, including 2.4% to the euro area. Sales outside the EU barely moved, up 0.1%. The US is still the top buyer: €13.4 billion, down 0.5% on the month but up 10.3% on the year. Exports to Britain fell 4.7% and to China 5.2%, to €5.5 billion. From January to September, sales to China were 13.4% lower than a year earlier.

Caveats. These are provisional figures. Destatis says it cannot give reasons for changes by country at this stage. Detailed September results come on November 20, and the numbers may be revised. One month is not a trend: over nine months exports rose 4.3%.

已确认的事实

• German exports were €141.1 billion in September 2026 after seasonal and calendar adjustment: up 2.0% from August and 7.7% from September 2025.^[1][2]
• Analysts expected exports to rise 0.5%.^[2]
• Imports rose 4.2% on the month to €125.5 billion; the trade surplus narrowed to €15.6 billion from €17.9 billion in August.^[1][2]
• Exports to EU countries rose 3.5% to €80.8 billion; exports outside the EU rose 0.1% to €60.3 billion.^[1]
• Exports to the US fell 0.5% on the month to €13.4 billion, to Britain 4.7%, and to China 5.2% to €5.5 billion.^[1][2]
• From January to September exports to China were 13.4% lower than a year earlier; total exports in that period rose 4.3%.^[1]
• Destatis will publish detailed September data on November 20.^[1]

影响

• 已确认September's export gain came mainly from EU countries, not from the US or China.
• 我们的解读Sales to China have fallen all year, so German carmakers and machine builders can hardly count on that market. This is our reading.
• 我们的解读Better than expected data adds a little to the September rise in German output, but it is too early to call a turnaround. This is our reading.

仍未知

• Why shipments to China and Britain fell: Destatis gives no reasons yet
• How the September figures will be revised on November 20
• Whether export growth holds in October

影响到谁

Germany, Europe, China, United States. People who follow the euro, European stocks and the German economy

来源

1. Destatis (Federal Statistical Office of Germany): Exports in September 2026: +2.0% on August 2026 2026年11月9日 · 官方
2. Investing.com: German exports rise 2% in September, beats forecast; surplus narrows 2026年11月9日 · 媒体