German exports rise 0.5% in March despite US tariff declines and Iran war impact; Commerzbank cuts 3,000 jobs to fend off UniCredit takeover

German exports rose 0.5% month-on-month and 1.9% year-on-year in March 2026, the Federal Statistical Office said on May 8, beating expectations despite a sharp drop in shipments to the United States. Imports jumped 5.1% from February and 7.2% year-on-year. Germany recorded exports worth €135.8 billion and imports worth €121.5 billion in March, narrowing the trade surplus to €14.3 billion from €19.6 billion in February.

The US remained Germany's most important export market, but shipments there totaled €11.2 billion, down 7.9% from February and 21.4% from March 2025. Exports to China declined 1.8%. Demand shifted toward the EU, where exports rose 3.4%, and the UK, up 3.2%. The Iran war has fueled uncertainty across Germany's export-driven economy, with higher oil prices increasing transport costs.

The German government cut its 2026 growth forecast to 0.5%. The German Chamber of Industry and Commerce now expects exports to stagnate in 2026, down from a previous forecast of 1.0% growth.

Separately, Commerzbank announced plans to cut around 3,000 of its 38,000 jobs, partly due to efficiency gains from AI, as part of its defense against a takeover bid by Italy's UniCredit. The bank will invest about €450 million to ensure socially responsible job cuts. Commerzbank CEO Bettina Orlopp said the strategy aims to boost performance and make any acquisition too expensive. UniCredit, led by Andrea Orcel, has built up a stake of more than a quarter in Commerzbank and secured options for a larger holding. Chancellor Friedrich Merz has backed Commerzbank, criticizing what he called aggressive tactics by UniCredit. Commerzbank raised its long-term targets, aiming for revenues of €16.8 billion by 2030 and net profit of €5.9 billion.