German Current Account Surplus Widens in May

Germany’s current account surplus reached €10.4 billion in May 2026, the smallest in a year but still above the €5.9 billion recorded in May 2025. The primary income surplus shifted to €5.7 billion, compared to a €2.3 billion deficit in May 2025. The goods surplus remained nearly unchanged at €15.4 billion, down slightly from €15.8 billion, as exports rose 0.6% to €112.9 billion and imports increased 1.1% to €97.5 billion. Meanwhile, the services deficit widened to €7.2 billion from €5.9 billion, and the secondary income gap grew to €3.5 billion from €1.6 billion. For January–May 2026, the current account surplus narrowed slightly to €88.7 billion from €90 billion.

Germany’s current account surplus narrowed to €13.8 billion in April 2026, down from €18.7 billion in the same month last year. The goods surplus fell to €13.3 billion from €16.4 billion, as exports increased 5.2% to €120.8 billion, but imports grew at a faster pace of 9.2% to €107.5 billion. The primary income surplus also declined to €11.0 billion from €13.7 billion. Meanwhile, the services deficit improved slightly, shrinking to €5.8 billion from €6.6 billion, while the secondary income gap remained largely unchanged at €4.7 billion (compared to €4.8 billion in 2025). For the first four months of 2026, the current account surplus decreased to €75.6 billion, down from €84.1 billion in the same period of 2025.

Germany’s current account surplus narrowed to €23.6 billion in March 2026, down from €27.4 billion a year earlier. The goods surplus fell to €18.5 billion from €21.4 billion, as exports rose 6.1% while imports surged 10.3%. The services deficit widened to €3.8 billion from €3.4 billion, and the secondary income gap increased to €6.7 billion from €5.4 billion. Meanwhile, the primary income surplus grew to €15.6 billion from €14.8 billion. In Q1 2026, the current account surplus declined to €62.2 billion from €65.3 billion in the same period of 2025.