2025年3月，德国的进口额环比下降1.4%，至1121亿欧元的三个月低点，从前一个月下调0.5%的增幅反弹。这标志着自2024年12月以来月度进口增长首次下降，因为来自欧盟的入境人数（-3.5%）下降，特别是来自欧元区的入境人数下降（-5.8%）。然而，来自非欧元区的游客有所增加（1.1%）。与此同时，来自第三国的游客人数有所增长（0.8%），主要原因是来自中国（9.6%）和美国（7.9%）的购买量增加。相比之下，来自英国的购买量下降了（-5.8%）。2025年1月至3月，该国进口额比上年同期增长5.1%，达到3390亿欧元。

Imports to Germany declined by 1.4% month-on-month to a three-month low of EUR 112.1 billion in March 2025, rebounding from a downwardly revised 0.5% gain in the previous month. This marked the first decline in monthly import growth since December 2024, as arrivals from the EU (-3.5%) fell, particularly from the Euro area (-5.8%). However, arrivals increased from the non-Euro area (1.1%). Meanwhile, arrivals grew from the third countries (0.8%), primarily due to higher purchases from China (9.6%) and the US (7.9%). In contrast, purchases from the UK declined (-5.8%). From January to March 2025, the country’s imports were 5.1% higher, reaching EUR 339 billion compared to the corresponding period of the previous year.

继上个月增长1.8%之后，德国出口在2025年3月环比增长1.1%，达到1332亿欧元的11个月高点。运往欧盟（3.1%）的货物增加，特别是欧元区（3.8%）和非欧元区（1.6%）。与此同时，对第三国的出货量下降（-1.1%），主要是由于对英国的销售额下降（-2.8%）。然而，在美国关税颁布之前，对美国的出货量增长了2.4%，对中国的出货量则增长了10.2%。2025年1月至3月，该国出口额同比增长0.9%，达到3493亿欧元。

Exports from Germany increased by 1.1% month-over-month to an eleven-month high of EUR 133.2 billion in March 2025, following a 1.8% gain in the previous month. Shipments increased to EU (3.1%), particularly the Euro area (3.8%) and non-Euro area (1.6%). Meanwhile, shipments declined to third countries (-1.1%), mainly due to lower sales to the UK (-2.8%). However, shipments to the US increased by 2.4% ahead of the US tariff enactment, and to China by 10.2%. From January to March 2025, the country’s exports rose by 0.9% to EUR 349.3 billion compared to the same period a year earlier.

2025年3月，德国工业生产环比增长3.0%，从上月1.3%的下降中反弹，超过了市场预期的0.8%的增长。这是今年的第二次上涨，也是自2021年10月以来最强劲的月度涨幅。汽车行业（8.1%）、制药（19.6%）、机械设备（4.4%）和建筑（2.1%）的稳健产出推动了复苏。相比之下，能源产量下降了1.8%。与此同时，能源密集型产业的产出增长了1.5%。波动较小的三个月平均值显示，与上一季度相比，第一季度工业生产增长了1.4%。按年度计算，产出下降了0.2%，相较于2月份的4.0%降幅有了显著改善，这是自2022年11月以来的最低降幅。

Germany’s industrial production jumped 3.0% month-over-month in March 2025, rebounding from a 1.3% decline in the previous month and surpassing market expectations of a 0.8% increase. It marked the second rise this year and the strongest monthly gain since October 2021. The recovery was driven by solid output in the automotive sector (8.1%), pharmaceuticals (19.6%), machinery and equipment (4.4%), and construction (2.1%). In contrast, energy production fell by 1.8%. Meanwhile, output in energy-intensive industries rose by 1.5%. The less volatile three-month average showed industrial production grew by 1.4% in Q1 compared to the previous quarter. On an annual basis, output declined by 0.2%, a significant improvement from a 4.0% drop in February and the slowest fall since November 2022.

德国的贸易顺差从2月份向上修正的180亿欧元增加到2025年3月的211亿欧元，高于191亿欧元的预测。这是自去年12月以来最大的贸易顺差，出口增加，进口下降。3月份出口环比增长1.1%，达到1332亿欧元的11个月高点，高于预期的1%，而前一个月增长1.8%，这得益于对欧盟国家（3.1%）的销售，特别是对欧元区（3.8%）和非欧元区（1.6%）的销售。此外，由于对美国（2.4%）、中国（10.2%）和俄罗斯（6.3%）的销售额增加，对第三国的销售额增长了3.2%。与此同时，进口意外下降1.1%，至1121亿欧元的三个月低点，未达到0.4%的增长共识。来自欧盟的进口下降了3.5%，而来自欧元区的进口则下降了5.8%。与此同时，来自第三国的采购量增长了0.8%，其中来自美国（7.9%）、中国（9.6%）和俄罗斯（9.8%）的采购量增加。

Germany's trade surplus increased to EUR 21.1 billion in March 2025 from an upwardly revised EUR 18.0 billion in February, above forecasts of EUR 19.1 billion. It marked the largest trade surplus since last December, as exports rose while imports fell. Exports grew by 1.1% mom to an eleven-month high of EUR 133.2 billion in March, above expectations of 1%, after rising 1.8% in the prior month, boosted by sales to EU countries (3.1%), specifically to the Euro area (3.8%) and the non-Euro area (1.6%). Additionally, sales to third countries rose by 3.2%, due to higher sales to the US (2.4%), China (10.2%), and Russia (6.3%). Meanwhile, imports unexpectedly dropped by 1.1% to a three-month low of EUR 112.1 billion, missing the consensus of a 0.4% growth. Imports from the EU shrank by 3.5%, with a fall from the Euro area (-5.8%). Meanwhile, purchases from third countries rose by 0.8%, amid higher arrivals from the US (7.9%), China (9.6%), and Russia (9.8%).