German Current Account Surplus Rises in January

Germany’s current account surplus widened to €17.1 billion in January 2026, up from €16.6 billion a year earlier. The goods surplus increased to €14.9 billion from €13.7 billion as imports fell 8.1%, outpacing a 6.0% drop in exports. Meanwhile, the services deficit narrowed to €4.6 billion from €5.9 billion. However, the primary income surplus declined to €13.9 billion from €14.4 billion, and the secondary income gap widened to €7.0 billion from €5.5 billion.

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.