German Current Account Surplus Slightly Up in March

Germany’s current account surplus expanded to €22.0 billion in February 2026, up from €21.3 billion in the same month last year. The primary income surplus rose to €11.5 billion from €10.4 billion a year earlier, while the goods surplus remained stable at €20.7 billion versus €20.6 billion, with exports increasing by 1.8% and imports by 2%. However, the services deficit grew to €4.6 billion (from €4.3 billion), and the secondary income deficit widened to €5.6 billion (from €5.4 billion). Over the first two months of 2026, Germany’s current account surplus reached €40.1 billion, compared to €37.9 billion in the same period of 2025.

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.