Rise in current account surplus

Germany’s current account recorded a surplus of €23.6 billion in March 2026. This was €3.1 billion up on the previous month’s level. The goods account surplus decreased, but the surplus in invisible current transactions, which comprise services as well as primary and secondary income, increased more strongly.

The surplus in the goods account fell by €1.1 billion to €18.5 billion in the reporting month because expenditure increased more sharply than receipts. The increased price of energy imports in the wake of the Iran conflict is also likely to have played a role in the higher goods imports. Invisible current transactions saw the surplus widen by €4.2 billion to €5.2 billion. A key factor here was that net receipts in primary income rose by €4.3 billion to €15.6 billion. This was mainly because receipts from portfolio investment income increased and the corresponding expenditure declined. In addition, the deficit in the services account narrowed by €1.0 billion to €3.8 billion. Expenditure on travel and transport services, in particular, increased on balance. However, the deficit was dampened more strongly above all by the decline in net expenditure on telecommunications, computer and information services and on other business services, and higher net receipts from charges for the use of intellectual property. The deficit in the secondary income account, meanwhile, widened by €1.0 billion to €6.7 billion. This related, in particular, to higher non-government net expenditure.

Net capital exports

Germany registered net capital exports of €17.6 billion in March (after €22.8 billion in February).

Direct investment generated net capital exports of €23.0 billion in March (after €11.9 billion in February). Resident enterprises increased their outward foreign direct investment by €44.5 billion. On balance, they granted more intra-group loans to their affiliated enterprises abroad (€36.9 billion). Furthermore, they stepped up their equity capital abroad (€7.6 billion). Foreign enterprises boosted their direct investment in Germany by €21.5 billion. They mainly increased their intra-group loans (€19.8 billion) and, to a very limited extent, their equity capital as well (€1.6 billion).

Germany’s cross-border portfolio investment recorded net capital imports of €1.1 billion in March (after net capital exports of €1.8 billion in February). Foreign investors acquired domestic securities worth €3.0 billion in net terms. They purchased bonds (€20.3 billion) and mutual fund shares (€1.0 billion), but offloaded money market paper (€14.2 billion) and shares (€4.1 billion). Domestic investors added €1.9 billion worth of securities issued by non-residents to their portfolios on balance. They purchased bonds (€13.8 billion) and mutual fund shares (€3.8 billion) and sold shares (€14.4 billion) and money market paper (€1.4 billion).

In March, transactions in financial derivatives resulted in net outflows of €10.0 billion (after €3.6 billion in February).

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 €14.9 billion in March (after net capital exports of €5.5 billion in February). Both monetary financial institutions excluding the Bundesbank (€32.8 billion) and general government (€5.7 billion) recorded net capital imports. Transactions via Bundesbank accounts, meanwhile, generated net capital exports (€23.3 billion). This was partly because the Bundesbank’s TARGET claims on the ECB increased and foreign counterparties withdrew deposits from the Bundesbank. Enterprises and households recorded net capital exports as well (€0.3 billion).

The Bundesbank’s reserve assets grew in March – at transaction values – by €0.5 billion.