German Bundesbank reports December 2025 current account surplus rising to EUR 16.1 billion while net capital exports ease

The German Bundesbank published Germany’s balance of payments statistics for December 2025, showing the current account surplus increased to EUR 16.1 billion, up EUR 1.9 billion from the previous month. The rise was driven by a stronger surplus in services and income transactions, which more than offset a weaker goods trade balance. The goods trade surplus fell by EUR 2.7 billion to EUR 8.6 billion, while the surplus on “invisible” transactions rose by EUR 4.5 billion to EUR 7.5 billion, supported by higher net primary income receipts and a narrower services deficit. The secondary income deficit widened slightly to EUR 7.9 billion. On the financial account, net capital exports totalled EUR 22.9 billion (EUR 38.5 billion previously), with net outflows in direct investment of EUR 22.4 billion and in securities of EUR 5.9 billion, partly offset by net inflows of EUR 6.6 billion in financial derivatives. The Bundesbank also published preliminary annual figures indicating Germany’s 2025 current account surplus declined to EUR 197.4 billion from EUR 251.5 billion in the previous year, alongside total net capital exports of EUR 269.0 billion. Final annual balance of payments results are scheduled for publication and analysis in the March 2026 Monthly Report.