The German Bundesbank published Germany’s balance of payments for November 2025, showing a current account surplus of EUR 15.1 billion, up EUR 0.3 billion from the previous month, alongside a swing to net capital exports of EUR 36.7 billion after net capital imports in October. The goods trade surplus fell by EUR 3.5 billion to EUR 12.7 billion as receipts declined more than expenditures, while the balance on “invisible” current transactions shifted from a EUR 1.4 billion deficit to a EUR 2.4 billion surplus. The main driver was a EUR 3.8 billion reduction in the services deficit to EUR 4.7 billion, largely reflecting seasonally lower travel spending; net primary income rose by EUR 1.4 billion to EUR 14.8 billion on higher dividend and investment fund income from abroad, while the secondary income deficit widened by EUR 1.4 billion to EUR 7.7 billion due to higher government outlays, including increased payments to the European Union budget. On the financial account, direct investment recorded net inflows of EUR 1.1 billion, while portfolio investment showed net inflows of EUR 28.4 billion, driven by foreign purchases of German debt securities. “Other investment” generated net outflows of EUR 64.4 billion despite net inflows via Bundesbank accounts of EUR 11.0 billion linked to lower TARGET claims and higher deposits from foreign counterparties; the Bundesbank’s reserve assets increased by EUR 0.8 billion at transaction values.
German Bundesbank 2026-01-12
German Bundesbank reports EUR 15.1 billion current account surplus and EUR 36.7 billion net capital exports in November 2025
The German Bundesbank reported a November 2025 current account surplus of EUR 15.1 billion, with a shift to net capital exports of EUR 36.7 billion. Key changes included a reduction in the goods trade surplus, a swing to a surplus in "invisible" current transactions, and significant portfolio investment inflows driven by foreign purchases of German debt securities.