German Current Account Surplus Widens in September

Germany’s current account surplus increased to €18.7 billion in September 2026, up from €15.7 billion a year earlier. The primary income surplus rose to €16.0 billion from €13.6 billion, while the secondary income deficit narrowed to €5.3 billion from €7.1 billion. Meanwhile, the goods surplus edged down to €15.6 billion from €16.2 billion, as exports grew 10.4% year-on-year to €129.7 billion, while imports increased at a faster 12.7% to €114.1 billion. The services deficit also widened to €7.4 billion from €7.1 billion. For the first nine months of 2026, Germany’s cumulative current account surplus reached €160.0 billion, compared with €149.4 billion in the same period of 2025.

Germany’s current account surplus edged down to €10.3 billion in August 2026 from a revised €10.9 billion in the same month last year, as wider deficits in services and secondary income outweighed improvements in the goods and primary income balances. The services deficit widened to €11.5 billion from €9.9 billion, while the secondary income deficit increased to €6.8 billion from €6.0 billion. Meanwhile, the goods surplus rose to €13.1 billion from €12.4 billion a year earlier. Exports increased by 7.1% year-on-year to €106.2 billion, while imports grew by 7.4% to €93.2 billion. The primary income surplus also expanded to €15.6 billion from €14.4 billion. Despite the slight year-on-year decline in August, Germany’s cumulative current account surplus for the first eight months of 2026 increased to €140.4 billion, up from €133.7 billion in the corresponding period of 2025.

Germany's current account surplus widened to €21.2 billion in July 2026 compared with €10.9 billion in the same period a year earlier. The goods account surplus widened to €21 billion from €16.4 billion a year earlier, while the services deficit narrowed to €8.3 billion from €9.7 billion. In contrast, the secondary income deficit widened to €6.7 billion from €5.5 billion, while the primary income surplus narrowed slightly to €15 billion from €15.7 billion. In the first seven months of 2026, the current account surplus widened to €129 billion from €123 billion in the same period of 2026.