Mr Macron urged German leader Angela Merkel to slash the country’s huge surplus during his successful election campaign.
He claimed the move would help the crisis-hit Eurozone.
But ex-European Parliament president Mr Schulz, who is battling to replace Mrs Merkel as Chancellor, has hit back at this comments.
He said: “In light of the presidential campaign in France and the debates led during the campaign, let me stress this: I regard the criticism of our high trade surplus as wrong.
“We don’t need to feel ashamed of being successful.
“Our exports are the result of good work done here in the country.”
Speaking last month, Mr Macron had said: “Germany benefits from the imbalances within the Eurozone and achieves very high trade surpluses.
“Those aren’t a good thing either for Germany or for the economy of the Eurozone.
“There should be a rebalancing.”
Mrs Merkel joined Mr Schulz in rejecting his criticism, saying the large surplus is “linked to the quality of our products”.
The Chancellor added: “Another part of it is linked to the policies of the European Central Bank which we can’t influence.
“Wage increases are now exceeding productivity growth and if you look at the forecasts, the surplus will fall slightly in coming years.”
She said the 39-year-old, who will become France’s youngest ever president after his inauguration next week, “carried the hopes of millions” of Europeans.
Mrs Merkel added: “He ran a courageous pro-European campaign, stands for openness to the world and is committed decisively to a social market economy.”