Germany reduced exports by 0.8% y/y in November

In November 2025, Germany reduced exports by 0.8% year-on-year and by 2.5% compared to October, to €128.1 billion. This is evidenced by data from the Federal Statistical Office (Destatis).

At the same time, imports during the period increased by 5.4% year-on-year and 0.8% month-on-month, to €115.1 billion.

As Reuters notes, the data highlights both the challenges facing Europe’s largest economy in the global market and the moderate improvement within the country. In particular, German exports to the US in November last year fell by 22.9% year-on-year, taking into account calendar and seasonal factors.

As Volker Treier, head of foreign trade at the Association of German Chambers of Industry and Commerce (DIHK), noted, relations with the most important export market, the United States, remain problematic in the new year. According to him, the only consolation is that China is once again taking on the role of the country’s most important trading partner.

In November 2025, Germany increased its exports of goods to China by 3.4% compared to the previous month, to €6.5 billion.

At the same time, industrial production in the country grew by 0.8% in November compared to both October and the previous year. This was the third consecutive monthly increase in the indicator.

The positive development of production during this period, according to Destatis, was mainly due to growth in the automotive industry (+7.8% month-on-month, taking into account seasonal and calendar factors). On the other hand, the decline in energy production (-7.8% month-on-month) had a negative impact. Production in the country’s energy-intensive industries fell by 1.5% in November 2025 compared to the previous month.

According to the ZEW Institute for Economic Research, German investor sentiment improved more than expected in December. The corresponding index rose to 45.8 points compared to 38.5 in November. However, assessments of the current economic situation deteriorated slightly.