Germany Posts Record Trade Surplus With US

Germany posted a record trade surplus with the US of €69.95 billion ($72.7 billion) in 2024, up more than 10% in a year, according to data published today – just as US President Donald Trump threatens tariffs on Europe. Germany not only increased exports to the US, but also bought fewer American products last year, according to Bloomberg calculations based on Destatis data.

Lower demand for American goods was possibly caused by weaknesses in the German economy, which was in recession for the second year in a row in 2024. During his first term, Trump complained about the German trade surplus with the US, particularly in cars. Allianz Chief Economist Ludovic Subran wrote in a note that “Germany would be on the front lines in a full trade war scenario, facing the risk of a third consecutive year of recession.”