German export market shares have been contracting since 2017, and especially since 2021. According to the latest Monthly Report, this is largely due to a deterioration in the competitiveness of the German economy. More than three-quarters of the losses in market shares between 2021 and 2023 were the result of supply-side constraints. In this issue, the authors look at what is behind the decline in German export market shares and derive possible structural reforms.

Germany’s current account recorded a surplus of €9.6 billion in May 2025, virtually half the level seen in the preceding month. This was mainly attributable to the swing to a deficit in invisible current transactions, which comprise services as well as primary and secondary income. There was also a somewhat smaller surplus in goods trading. 

Germany’s current account recorded a surplus of €12.5 billion in October 2024, down €8.8 billion on the previous month’s level. This was caused by the smaller surplus in the goods account and especially by the shift to a deficit in invisible current transactions, which comprise services as well as primary and secondary income.