The German Bundesbank published Germany’s balance of payments for October 2025, showing a current account surplus of EUR 14.8 billion, down EUR 1.0 billion from the previous month. The decline reflected a sharper deterioration in “invisible” service transactions, including services as well as primary and secondary income, which more than offset an improved goods trade balance. The goods trade surplus widened by EUR 0.9 billion to EUR 16.7 billion, while invisible transactions moved to a EUR 1.9 billion deficit after being virtually balanced in September. The services deficit increased by EUR 1.8 billion to EUR 8.9 billion, mainly due to lower receipts, including reduced revenue from IT services. Net primary income fell slightly by EUR 0.2 billion to EUR 13.2 billion, linked to lower dividend income and other investment income, while the secondary income deficit was broadly unchanged at EUR 6.3 billion. On the financial account, Germany recorded net capital imports of EUR 19.6 billion, reversing net capital exports of EUR 26.4 billion in September, driven by net inflows in portfolio investment (EUR 28.3 billion) and direct investment (EUR 3.8 billion), partly offset by net outflows in financial derivatives (EUR 9.2 billion) and net exports in other investment (EUR 3.3 billion).
German Bundesbank 2025-12-12
German Bundesbank reports October 2025 current account surplus fell to EUR 14.8 billion as net capital imports returned
The German Bundesbank reported a current account surplus of EUR 14.8 billion for October 2025, a decrease of EUR 1.0 billion from the previous month, due to a deterioration in service transactions. The goods trade surplus increased to EUR 16.7 billion, while the services deficit rose to EUR 8.9 billion. Germany's financial account showed net capital imports of EUR 19.6 billion, reversing the previous month's net capital exports.