Rise in current account surplus

The German current account recorded a surplus of €20.0 billion in February 2026. This was €3.9 billion up on the previous month’s level. Although there was a decrease in the surplus in invisible current transactions, which comprise services as well as primary and secondary income, there was a greater increase in the surplus in the goods account. 

In February, the surplus in the goods account grew by €6.1 billion on the month to €20.7 billion because receipts increased more steeply than expenditure. The surplus in invisible current transactions decreased by €2.2 billion to €1.3 billion. A key factor here was that net receipts in primary income fell by €2.8 billion to €11.5 billion. Higher dividend payments to non-residents for their portfolio investment played the most important role in this. In addition, the deficit in the services account widened by €0.7 billion to €4.6 billion. This was due, in particular, to lower net receipts from charges for the use of intellectual property. By contrast, the deficit in the secondary income account contracted, but only by €1.3 billion to €5.6 billion. This was due to an overall increase in receipts, mainly higher government revenue from current taxes on income and wealth. 

Net capital exports

Germany registered net capital exports of €24.2 billion in February, following net capital imports of €18.2 billion in January.

Direct investment generated net capital exports of €12.8 billion in February (following net inflows of €20.4 billion in January). Resident enterprises increased their stock of outward foreign direct investment by €13.3 billion. They primarily stepped up their equity capital abroad (€12.0 billion). On balance, they also issued more cross-border intra-group loans (€1.4 billion). Foreign enterprises boosted their stock of foreign direct investment in Germany by €0.6 billion. They expanded their equity capital (€4.5 billion), but redeemed intra-group loans on balance (€3.9 billion). 

Germany’s cross-border portfolio investment recorded net capital exports of €1.8 billion in February (after €2.3 billion in January). Domestic investors added €29.1 billion worth of securities issued by non-residents to their portfolios on balance. They purchased mutual fund shares (€17.7 billion), bonds (€16.6 billion) and money market paper (€2.2 billion). By contrast, they offloaded shares (€7.4 billion). Foreign investors acquired domestic securities worth €27.3 billion in net terms. They purchased bonds (€21.8 billion), money market paper (€5.7 billion) and mutual fund shares (€0.8 billion), but offloaded shares (€1.0 billion). 

In February, transactions in financial derivatives resulted in net outflows of €3.6 billion (following €14.2 billion in January). 

Other statistically recorded investment – which comprises loans and trade credits (where these do not constitute direct investment), bank deposits and other investments – registered net capital exports amounting to €6.0 billion in February (following net capital imports of €14.4 billion in January). Net capital exports were generated by monetary financial institutions excluding the Bundesbank (€15.8 billion), enterprises and households (€7.1 billion) and general government (€0.7 billion). By contrast, transactions via Bundesbank accounts generated net capital imports (€17.6 billion), in particular because of a decrease in the Bundesbank’s TARGET claims on the ECB. 

The Bundesbank’s reserve assets – at transaction values – remained unchanged in February.