特朗普关税施压，德国8月对美出口跌至四年新低

Core Insights - Germany's exports to the U.S. have declined for five consecutive months, reaching the lowest level in nearly four years due to U.S. tariff policies [1] - In August, German exports to the U.S. fell by 2.5% month-on-month to €10.9 billion, and year-on-year, there was a dramatic drop of 20% [1] - Conversely, imports from the U.S. increased by 3.4% month-on-month to €8 billion, with an annual growth of nearly 8% [1] Trade Balance - Overall, Germany's trade balance improved in August, with total exports amounting to €129.7 billion, a month-on-month decrease of 0.5% and a year-on-year decrease of 0.7% [3] - Imports totaled €112.5 billion, showing a month-on-month decline of 1.3% but a year-on-year increase of 3.5% [3] - The trade surplus for August expanded to €17.17 billion, marking the second consecutive month of increase, although it is down 21.6% compared to the same month last year [3] EU vs Non-EU Trade - The trade surplus is primarily driven by intra-EU trade, with exports to EU member states at €72.5 billion and imports at €58.8 billion, resulting in a significant intra-EU surplus [3] - Exports to the EU decreased by 2.5% month-on-month, while imports from the EU fell by 1.9% [3] - In contrast, trade with non-EU countries showed a deficit, with exports to non-EU countries at €57.1 billion and imports at €53.7 billion [3] UK Trade Impact - In the non-EU market, imports from the UK have significantly declined, with German exports to the UK dropping by 6.5% month-on-month to €6.5 billion [4]