German Bundesbank reports Germany’s current account surplus rose to EUR 22.0 billion in February 2026

The German Bundesbank published Germany’s balance of payments statistics for February 2026, showing the current account surplus increased to EUR 22.0 billion, up EUR 3.9 billion from the previous month. The improvement was driven by a stronger goods trade surplus, despite a lower surplus in “invisible” service transactions covering services, primary income and secondary income. The goods trade surplus widened by EUR 6.1 billion to EUR 20.7 billion as receipts rose more than expenses. The surplus on invisible transactions fell by EUR 2.2 billion to EUR 1.3 billion, mainly due to net primary income receipts declining by EUR 2.8 billion to EUR 11.5 billion amid higher dividend payments to non-residents; the services deficit also increased by EUR 0.7 billion to EUR 4.6 billion, including lower net income from fees for the use of intellectual property. The secondary income deficit narrowed by EUR 1.3 billion to EUR 5.6 billion, reflecting higher receipts, particularly higher government revenue from current taxes on income and wealth. On the financial account, Germany recorded net capital exports of EUR 24.2 billion in February, compared with net capital imports of EUR 18.2 billion in January. Net capital exports included EUR 12.8 billion in direct investment and EUR 1.8 billion in cross-border securities transactions; financial derivatives produced net outflows of EUR 3.6 billion, and other investment showed net capital exports of EUR 6.0 billion, while Bundesbank account transactions resulted in net capital imports of EUR 17.6 billion as TARGET claims fell. The Bundesbank’s foreign reserves were unchanged on a transactions basis.