In April 2026, Germany’s current account recorded a surplus of €13.8 billion, down €10.7 billion on the previous month’s level. This was attributable to lower surpluses in the goods account and in invisible current transactions, which comprise services as well as primary and secondary income. 

January 2026 saw the EU conclude two major trade agreements – with the Mercosur countries and with India – culminating many years of negotiations. These agreements largely eliminate trade barriers and could, over the long run, help diversify the EU’s trade relations. Ratification of the two deals is still pending, however. Writing in the latest Monthly Report, Bundesbank experts illuminate the main features of the trade agreements and explore their potential economic impact.

The current account balance, including its component balances, is available monthly by country. The euro area is Germany’s most important trading partner. However, among individual countries, the highest revenues are generated with the United States, and the highest expenditures with China.

on the topic of balance of payments

It is often said that wage moderation in Germany was the primary cause of the current account imbalances in the euro area that emerged prior to the financial crisis. A new study puts this hypothesis to the test.