The German Bundesbank published Germany’s balance of payments for December 2024, reporting a current account surplus of EUR 24.0bn, up EUR 2.1bn from November. A sharp fall in the goods trade surplus was more than offset by a larger surplus in “invisible” transactions, covering services as well as primary and secondary income. The goods trade surplus fell by EUR 7.8bn to EUR 10.8bn as receipts declined more than expenditure. The surplus on invisible transactions rose by EUR 9.9bn to EUR 13.3bn, driven by primary income net receipts increasing by EUR 6.6bn to EUR 23.2bn, including higher inflows from EU agricultural subsidies and higher investment income, while the services deficit narrowed by EUR 4.8bn to EUR 1.6bn. The secondary income deficit widened by EUR 1.5bn to EUR 8.3bn, reflecting higher government payments to the EU budget and international cooperation transfers and higher non-government outflows. In the financial account, cross-border securities transactions recorded net capital exports of EUR 30.6bn, direct investment showed net capital exports of EUR 26.3bn, and other investment recorded net capital imports of EUR 4.2bn; the Bundesbank’s foreign currency reserves fell by EUR 2.0bn on a transactions basis. On a preliminary basis for 2024, the current account surplus increased to EUR 248.7bn from EUR 243.1bn in 2023, alongside net capital exports of EUR 270.6bn in the financial account. The Bundesbank said final annual balance of payments results will be published and analysed in the March 2025 Monthly Report.

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