Current account surplus down

Germany’s current account recorded a surplus of €14.8 billion in October 2025, down €1.0 billion on the previous month’s level. The surplus in the goods account increased, but this was offset by the balance in invisible current transactions, which comprise services as well as primary and secondary income, falling into negative territory. 

The surplus in the goods account grew by €0.9 billion to €16.7 billion because receipts recorded a steeper increase than expenditure. Invisible current transactions posted a deficit of €1.9 billion, after having been virtually balanced in September. This development was largely driven by an increase in the deficit in the services account, which widened by €1.8 billion to €8.9 billion, primarily because total receipts were down. Lower receipts from computer services played a key role there. Net receipts in the primary income account contracted slightly by €0.2 billion to €13.2 billion. Receipts decreased slightly, dipping somewhat more strongly than expenditure. The decline in residents’ receipts from dividends on their portfolio investment and from other investment income played a part here. The deficit in secondary income remained virtually unchanged at €6.3 billion (compared with €6.4 billion in the previous month). 

Net capital imports

In October, Germany experienced net capital imports of €19.6 billion, contrasting with net capital exports of €26.4 billion in September.

Direct investment generated net capital imports of €3.8 billion in October (down from €6.6 billion in September). Foreign enterprises provided their affiliates in Germany with €13.6 billion in additional direct investment in net terms, chiefly upping intra-group loans (€12.3 billion) and also, to a limited extent, equity capital (€1.4 billion). German enterprises stepped up their foreign direct investment by a net €9.8 billion. They primarily increased their equity capital (€8.2 billion) but also expanded intra-group loans (€1.7 billion). 

Germany’s cross-border portfolio investment recorded net capital imports of €28.3 billion in October, after net capital exports of €32.8 billion in September. Non-resident investors added €38.1 billion worth of German securities to their portfolios on balance, purchasing – primarily, public – bonds (€33.1 billion) and money market paper (€7 billion). Overall, however, they disposed of a small volume of shares and mutual fund shares (€2.0 billion for both). On balance, domestic investors acquired foreign mutual fund shares (€6.5 billion), money market paper (€2.2 billion) and bonds (€1.5 billion). By contrast, they offloaded slightly more shares than they acquired (€0.4 billion). 

In October, transactions in financial derivatives resulted in net outflows of €9.2 billion (following €2.5 billion in September). 

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 €3.3 billion in October (following net capital imports of €1.6 billion in September). Transactions via Bundesbank accounts generated net capital inflows (€3.7 billion), in particular because the Bundesbank’s TARGET claims on the ECB decreased by €3.1 billion. Meanwhile, monetary financial institutions excluding the Bundesbank recorded net capital exports (€10.9 billion). General government as well as enterprises and households recorded net capital imports (€3.1 billion and €0.8 billion, respectively).

The Bundesbank’s reserve assets held more or less steady – at transaction values – in October (+ €0.1 billion).