Very sharp decrease in current account surplus

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. 

In the reporting month, the surplus in the goods account fell by €6.3 billion to €13.3 billion as receipts recorded a steeper decline than expenditure. The surplus in invisible current transactions contracted by €4.4 billion to €0.5 billion. The key factor here was that net receipts in primary income fell by €4.5 billion to €11.0 billion. Higher dividend payments to non-residents for their portfolio investment played a major role in this development. Moreover, the deficit in the services account expanded by €2.5 billion to €5.8 billion. This was mainly attributable to the decline in total revenue, in particular due to lower receipts from telecommunications, computer and information services. By contrast, the deficit on the secondary income account narrowed by €2.6 billion to €4.7 billion. The overall decline in expenditure was a key factor. There was a fall in non-general government sector expenditure and, in particular, general government payments to the EU budget in connection with financing related to gross national income.

Net capital imports

In April, Germany recorded net capital imports of €1.0 billion, after net capital exports of €19.1 billion in March.

Direct investment generated net capital exports of €13.6 billion in April (following €20.1 billion in March). Resident enterprises increased their outward foreign direct investment by €7.0 billion and augmented their equity capital abroad by €11.1 billion. Intra-group lending was dominated by repayments, on balance (€4.1 billion). Non-resident enterprises, meanwhile, withdrew a net €6.6 billion of direct investment from Germany. Although they raised their equity capital in Germany by €1.5 billion, intra-group lending was dominated by repayments (€8.1 billion) here as well. 

Germany’s cross-border portfolio investment recorded low net capital exports of €0.2 billion in April (following net capital imports of €1.2 billion in March). Domestic investors acquired foreign securities worth €31.1 billion on balance, purchasing mutual fund shares (€14.3 billion), bonds (€10.0 billion), shares (€6.5 billion) and money market paper (€0.3 billion). Foreign investors added €30.9 billion worth of domestic securities to their portfolios on balance, purchasing bonds (€14.8 billion), money market paper (€6.4 billion), mutual fund shares (€5.2 billion) and shares (€4.5 billion).

In April, transactions in financial derivatives resulted in net outflows of €5.5 billion (following €10.8 billion in March). 

Other investment comprises loans and trade credits (where these do not constitute direct investment) as well as bank deposits and other capital. Net capital imports in this area amounted to €19.5 billion in April (after €11.1 billion in March). Enterprises and households (€21.6 billion), monetary financial institutions excluding the Bundesbank (€20.6 billion) and general government (€6.1 billion) recorded net capital imports. Transactions via Bundesbank accounts, meanwhile, generated net capital exports (€28.7 billion). These were attributable to the increase in the Deutsche Bundesbank’s TARGET claims on the ECB. 

The Bundesbank’s reserve assets fell – at transaction values – by €0.7 billion in April.