The German Bundesbank reported that Germany’s current account surplus increased to EUR 23.6 billion in March 2026, up EUR 3.1 billion from the previous month. The improvement came despite a smaller surplus in trade in goods, as a stronger balance on services and income transactions more than offset that decline. The goods surplus fell by EUR 1.1 billion to EUR 18.5 billion as expenditure on imports rose more than receipts from exports. The surplus on so called invisible transactions widened by EUR 4.2 billion to EUR 5.2 billion, driven mainly by net primary income rising by EUR 4.3 billion to EUR 15.6 billion and the services deficit narrowing by EUR 1.0 billion to EUR 3.8 billion, while the secondary income deficit widened by EUR 1.0 billion to EUR 6.7 billion. Germany recorded net capital exports of EUR 17.6 billion in March, down from EUR 22.8 billion in February, reflecting direct investment outflows of EUR 23.0 billion, net portfolio inflows of EUR 1.1 billion, outflows of EUR 10.0 billion from financial derivatives, and net inflows of EUR 14.9 billion in other statistically recorded investment. The Bundesbank’s reserve assets increased by EUR 0.5 billion on a transaction value basis.
German Bundesbank 2026-05-13
German Bundesbank reports March current account surplus rose to EUR 23.6 billion while net capital exports eased to EUR 17.6 billion
The German Bundesbank reported that Germany’s current account surplus rose to EUR 23.6 billion in March 2026, up EUR 3.1 billion from February, as stronger services and income balances more than offset a smaller goods surplus. Germany recorded net capital exports of EUR 17.6 billion, driven by direct investment outflows of EUR 23.0 billion and net inflows in portfolio and other investment, while the Bundesbank’s reserve assets increased by EUR 0.5 billion.