German Current Account Surplus Narrows as Exports Slow

Germany’s current account surplus was broadly unchanged at €16.1 billion in December 2025, compared with €16.2 billion in the same month a year earlier. The goods surplus narrowed to €8.6 billion from €11.5 billion, as imports jumped 11.0%, outpacing a 6.6% rise in exports. The primary income surplus also declined to €17.5 billion from €19.2 billion. Meanwhile, the services deficit widened to €2.1 billion from €0.6 billion. Partly offsetting these trends, the secondary income deficit shrank significantly to €7.9 billion, down from €14.0 billion a year earlier. For 2025 as a whole, Germany’s current account surplus fell sharply to €197.4 billion, compared with €251.5 billion in 2024.

Germany’s current account surplus narrowed to €15.1 billion in November 2025, down from €18.8 billion a year earlier. The goods surplus shrank to €12.7 billion from €19.2 billion, driven by a 3.4% decline in exports and a 2.7% rise in imports, while the secondary income deficit widened to €7.7 billion from €7.3 billion. In contrast, the primary income surplus edged up to €14.8 billion from €14.5 billion, and the services deficit fell to €4.7 billion from €7.6 billion. Over the first eleven months of 2025, Germany’s current account surplus fell to €182.1 billion from €235.3 billion during the same period in 2024.

Germany’s current account surplus narrowed slightly to €14.80 billion in October 2025, compared with a revised €15.21 billion a year earlier. The primary income surplus declined to €13.23 billion from €14.78 billion, while the secondary income deficit widened to €6.26 billion from €5.97 billion. In contrast, trade figures provided some support: the goods surplus increased to €16.70 billion from €15.50 billion in October 2024, as exports rose 4.5% to €122.0 billion and imports grew at a slower pace of 4.0% to €105.30 billion. The services deficit also narrowed slightly, improving to €8.87 billion from €9.11 billion. Over the first ten months of the year, however, the cumulative current account surplus narrowed to €167.03 billion from €216.50 billion in the same period of 2024, reflecting the impact of US tariffs on German goods exports.