Current account surplus up slightly

Germany’s current account recorded a surplus of €15.1 billion in November 2025, up €0.3 billion on the previous month’s level. Although the surplus in the goods account decreased, the swing to a surplus in invisible current transactions, which comprise services as well as primary and secondary income, was slightly stronger. 

In November, the surplus in the goods account fell by €3.5 billion to €12.7 billion as receipts recorded a sharper decline than expenditure. Invisible current transactions shifted from a deficit of €1.4 billion in October into a surplus of €2.4 billion, essentially because the deficit in the services account contracted by €3.8 billion to €4.7 billion. Lower expenditure on travel, as is typical for this time of year, was the key factor here. Moreover, net receipts in primary income rose by €1.4 billion to €14.8 billion. This was mainly the result of higher total receipts, primarily owing to a rise in residents’ income from dividend payments and investment fund shares from their portfolio investment abroad. By contrast, the deficit on the secondary income account expanded by €1.4 billion to €7.7 billion. This was first and foremost due to higher general government expenditure, with increased payments to the EU budget in connection with financing related to gross national income playing a role.

Net capital exports

In November, Germany registered net capital exports of €36.7 billion, following net capital imports of €30.2 billion in October.

Direct investment generated net capital imports of €1.1 billion in November, after €3.3 billion in October. Foreign enterprises provided their affiliates in Germany with an additional €9.2 billion in direct investment. They boosted their equity capital by €9.8 billion. By contrast, intra-group credit transactions were dominated by redemptions (€0.6 billion). German enterprises stepped up their foreign direct investment by €8.1 billion. They primarily increased their equity capital (€7.6 billion) but also expanded intra-group lending slightly (€0.4 billion). 

Germany’s cross-border portfolio investment recorded net capital imports of €28.4 billion in November (after €34.3 billion in October). Non-resident investors added €32.2 billion worth of German securities to their portfolios on balance, purchasing bonds (€23.6 billion) and money market paper (€17.4 billion). However, on balance, they disposed of mutual fund shares (€5.7 billion) and shares (€3.0 billion). Domestic investors acquired foreign mutual fund shares (€3.6 billion) and bonds (€2.0 billion), but parted with shares worth €1.3 billion and money market instruments worth €0.5 billion on balance. 

In November, transactions in financial derivatives resulted in net outflows of €0.9 billion (following €6.6 billion in October). 

Other statistically recorded investment – which comprises loans and trade credits (where these do not constitute direct investment), bank deposits and other investments – registered net outflows of capital amounting to €64.4 billion in November (following €0.8 billion in October). Transactions via Bundesbank accounts generated net capital inflows (€11.0 billion), in particular because the Bundesbank’s TARGET claims on the ECB decreased and deposits from foreign counterparties increased. By contrast, net capital exports were registered by monetary financial institutions excluding the Bundesbank (€38.3 billion) and by enterprises and households (€38.1 billion). General government recorded modest net capital imports (€1.0 billion).

The Bundesbank’s reserve assets grew slightly – at transaction values – by €0.8 billion in November.