Sigmanomics — The Market Forecast Engine

Germany Trade Surplus Falls to EUR 19.8 Billion in March

Germany reported a trade surplus of EUR 19.8 billion for March 2026, beating the consensus estimate of EUR 18.5 billion. The March figure marks a decrease from February’s surplus of EUR 20.3 billion, reflecting a slight narrowing in the country’s trade balance. Despite the month-over-month decline, the surplus remains well above the 12-month rolling average of EUR -5.22 billion, underscoring a continued positive trend in external trade. The headline figure was primarily supported by resilient exports, while imports showed only modest changes. Compared to the same period last year, Germany’s trade position has improved significantly, aligning with broader themes of recovering demand in key export markets. Market participants will monitor upcoming industrial production data and European Central Bank communications for further insight into Germany’s economic outlook. Updated 4/9/26