The German Bundesbank released Germany’s balance of payments for February 2025, reporting a current account surplus of EUR 20.0bn, up EUR 5.0bn from January, driven by a stronger goods trade balance. The goods trade surplus widened by EUR 5.7bn to EUR 19.4bn as receipts rose more sharply than payments, with higher exports to the United States a notable factor and possible front-loading ahead of tariff collection. The surplus on “invisible” transactions fell by EUR 0.7bn to EUR 0.6bn, mainly due to lower net primary income (down EUR 2.8bn to EUR 10.0bn) reflecting higher dividend payments to non-residents; the services deficit narrowed by EUR 1.8bn to EUR 4.2bn as expenses fell more than receipts, while the secondary income deficit eased slightly to EUR 5.2bn. Net capital exports declined to EUR 6.3bn (January: EUR 13.4bn): direct investment recorded net outflows of EUR 2.5bn, portfolio investment net outflows increased to EUR 28.7bn, financial derivatives saw net outflows of EUR 2.8bn, and other investment showed net inflows of EUR 27.6bn including a EUR 12.8bn rise in the Bundesbank’s TARGET claims; the Bundesbank’s reserves decreased by EUR 0.1bn at transaction values.
German Bundesbank 2025-04-11
German Bundesbank publishes February 2025 balance of payments showing current account surplus rising to EUR 20.0bn
The German Bundesbank reported a current account surplus of EUR 20.0bn for February 2025, an increase of EUR 5.0bn from January, driven by a stronger goods trade balance. The goods trade surplus widened to EUR 19.4bn, notably due to higher exports to the United States. Net capital exports declined to EUR 6.3bn, with significant portfolio investment net outflows and increased Bundesbank TARGET claims.