German Bundesbank reports April current account surplus fell sharply to EUR 13.8 billion

The German Bundesbank reported that Germany’s current account surplus narrowed sharply in April 2026 to EUR 13.8 billion, down EUR 10.7 billion from the previous month. The decline was driven by smaller surpluses in both goods trade and invisible current transactions, which include services and primary and secondary income. The goods trade surplus fell EUR 6.3 billion to EUR 13.3 billion as receipts declined more strongly than expenditure. The surplus on invisible current transactions dropped EUR 4.4 billion to EUR 0.5 billion, mainly because net primary income receipts fell EUR 4.5 billion to EUR 11.0 billion, largely reflecting higher dividend payments to nonresidents on their portfolio investments. The services deficit widened by EUR 2.5 billion to EUR 5.8 billion, chiefly because total receipts decreased, particularly for telecommunications, computer and information services. By contrast, the secondary income deficit narrowed by EUR 2.6 billion to EUR 4.7 billion as expenditure fell, including lower government payments to the European Union budget. In the financial account, Germany recorded net capital imports of EUR 1.0 billion in April after net capital exports of EUR 19.1 billion in March. Direct investment showed net capital exports of EUR 13.6 billion, portfolio investment showed marginal net capital exports of EUR 0.2 billion, and financial derivatives generated outflows of EUR 5.5 billion. These were partly offset by net capital imports of EUR 19.5 billion in other investment, led by inflows to enterprises and households, monetary financial institutions excluding the Bundesbank, and the government, while Bundesbank account transactions produced net capital exports linked to higher TARGET claims on the European Central Bank. The Bundesbank’s reserve assets fell by EUR 0.7 billion at transaction values.