Wiesbaden. After a weak start to the second half of the year, Germany's exporters did better business again in September. Economists see this as a further sign of hope that the German economy is robust despite tariff barriers and high energy prices. However, the Federal Association of Wholesale, Foreign Trade and Services (BGA) does not yet see a stable upward trend in exports.
In September, goods “Made in Germany” worth 141.1 billion euros went abroad, 2.0 percent more than in August of the current year, as the Federal Statistical Office announced. Compared to September 2025, the increase was 7.7 percent, according to preliminary data.
“The September figures give good reason to hope that exports will remain a key component of growth in the second half of the year,” writes VP Bank chief economist Thomas Gitzel. Surprisingly, the dip in the previous two months has even been offset.
The low water in the Rhine slowed down inland shipping in the summer. This also had a negative impact on foreign trade via the European deep sea ports. “The development of exports, which was still very dynamic in the first half of the year, weakened noticeably in the third quarter of 2026,” the statisticians stated on the occasion of preliminary figures on gross domestic product (GDP).
“The increase in exports in September is encouraging, but it is based on a thin foundation,” says the head of foreign trade at the German Chamber of Commerce and Industry (DIHK), Volker Treier. "The increase comes almost exclusively from Europe. There is hardly any movement outside the EU."
In September, Germany exported goods worth 80.8 billion euros to the member states of the European Union (EU), 3.5 percent more than in August. Exports to countries outside the EU remained almost unchanged at 60.3 billion euros. Exports to the USA fell slightly, and to China and Great Britain they fell significantly.
“The domestic market is our anchor of stability, but it cannot permanently compensate for a lack of competitiveness on the world markets,” says BGA President Dirk Jandura. Germany now needs “a decisive trade policy that opens up new markets”. Germany wants to work more closely with India, among others.
The most important single market for German products in September was once again the United States. Goods worth 13.4 billion euros were delivered to the USA. That was 0.5 percent less than in August 2026, but 10.3 percent more than a year earlier - and that despite the tariff policy of Donald Trump's US government.
“This development shows that the German economy has now learned to a certain extent to live with Trump’s tariffs,” says Sebastian Dullien, scientific director of the Institute for Macroeconomics and Business Cycle Research (IMK) of the trade union Hans Böckler Foundation.
The results of the US midterm elections, in which the Democrats won overwhelmingly, gave hope for an easing of the trade conflict with the USA, says Dullien: "A Democratic majority in Congress will not ensure that Donald Trump withdraws his tariffs in the short term, but it could counteract any new tariff escapades."
At 125.5 billion euros, imports to Germany in September were 4.2 percent higher than in August 2026 and 8.7 percent higher than in the same month last year. This results in a foreign trade surplus of 15.6 billion euros after a newly calculated 17.9 billion euros in August.
