Current account surplus virtually unchanged

Germany’s current account recorded a surplus of €17.1 billion in January 2026, slightly down on the previous month’s level. Although the surplus in the goods account increased, the surplus in invisible current transactions, which comprise services as well as primary and secondary income, declined slightly more sharply. 

In the reporting month, the surplus on the goods account increased by €6.9 billion to €14.9 billion because receipts rose and expenditure fell. The surplus in invisible current transactions declined by €7.2 billion to €2.2 billion. A key factor here was that net receipts in primary income fell by €5.9 billion to €13.9 billion. This was mainly due to a decrease in residents’ receipts from portfolio investment and other investment income. A further factor was the countermovement to the EU agricultural subsidies that were paid out to Germany in December 2025. In addition, the deficit in the services account widened, expanding by €2.5 billion to €4.6 billion. While receipts from charges for the use of intellectual property rose on balance, net expenditure on telecommunications, computer and information services, other business-related services and, in particular, travel rose even more sharply. By contrast, the deficit in the secondary income account narrowed, but only by €1.2 billion to €7.0 billion. This was mainly due to lower government expenditure. Although payments to the EU budget in connection with financing related to gross national income expanded, there was a steeper decline in expenditure on current transfers relating to international cooperation.

Net capital imports

Germany registered net capital imports of €9.2 billion in January, contrasting with net capital exports of €27.5 billion in December 2025.

Direct investment generated net capital imports of €11.7 billion in January (following outflows of €22.6 billion in December). Domestic enterprises scaled back their foreign direct investment by €9.9 billion, largely on account of redemptions of intra-group loans (€18.6 billion). German enterprises, by contrast, stepped up their equity capital abroad (€8.7 billion). Foreign enterprises boosted their direct investment in Germany by €1.8 billion. They expanded their equity capital (€2.8 billion) but scaled back their intra-group loans (€1.0 billion). 

Germany’s cross-border portfolio investment recorded net capital exports of €1.6 billion in January (after €5.9 billion in December). Domestic investors added €58.1 billion worth of securities issued by non-residents to their portfolios on balance, purchasing bonds (€26.9 billion), shares (€17.3 billion), mutual fund shares (€11.8 billion) and money market paper (€2.1 billion). Foreign investors acquired domestic securities worth €56.4 billion net, purchasing bonds (€60.2 billion), shares (€0.9 billion) and mutual fund shares (€0.5 billion), but offloading money market paper (€5.3 billion). 

In January, transactions in financial derivatives resulted in net outflows of €16.4 billion (after inflows of €6.6 billion in December). 

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 imports amounting to €15.7 billion in January (following net capital exports of €5.6 billion in December). Transactions via Bundesbank accounts generated net capital exports (€14.6 billion), in particular because the Bundesbank’s TARGET claims on the ECB increased and deposits from foreign counterparties decreased, which is often the case at the start of the year. By contrast, net capital imports were registered by monetary financial institutions excluding the Bundesbank (€49.0 billion) and by general government (€1.1 billion). Enterprises and households were net exporters of capital (€19.7 billion). 

The Bundesbank’s reserve assets grew slightly – at transaction values – by €0.1 billion in January.