Exports from Europe’s biggest economy rose by 1.4% in September compared with the previous month, according to data from the federal statistics office, beating a forecast by analysts polled by Reuters for a 0.5% increase.

Despite the rebound, German exports remained below their March 2025 level, before US President Donald Trump’s “Liberation Day”, when he announced tariffs against all countries, causing global markets to slide, CEOs to yank planned IPOs and other nations to take retaliatory measures.

“Given the ongoing structural challenges, it currently requires a lot of imagination to see a quick return of the export sector as a powerful growth engine for the German economy,” said Carsten Brzeski, global head of macro at ING.

Imports rose by 3.1% on a calendar and seasonally adjusted basis.

The foreign trade balance showed a surplus of €15.3 billion (US$17.84 billion) in September, compared with a surplus of €18.0 billion in September 2024.

Exports to the US increase, Chinese imports on the rise

Exports to the US increased by 11.9% on the month, following five consecutive declines due to Washington’s tariffs on European imports.

However, exports to the US were still down 14.0% year-on-year.

“It shows the deep wounds tariffs have inflicted on exporters in our most important export destination,” said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank.

Exports to EU countries rose by 2.5% on the month, while exports to countries outside the bloc remained unchanged.

Exports to China fell by 2.2% on the month and imports posted an increase of 6.1% compared with the previous month.

The influx of imports has gathered momentum since Trump imposed tariffs on China, and industry bosses, as well as governments, want the EU to use its powers to protect local businesses and jobs.