Steep rise in current account surplus

Germany’s current account recorded a surplus of €18.6 billion in September 2025, up €9.1 billion on the previous month’s level. This was mainly caused by a larger goods account surplus. Another reason was the shift to a surplus in invisible current transactions, which comprise services as well as primary and secondary income.

In September, the surplus in the goods account grew by €6.7 billion to €18.4 billion because receipts increased by more than expenditure. Invisible current transactions switched from a deficit of €2.3 billion in August to a small surplus of €0.2 billion. This was mainly due to the deficit in the services account contracting by €3.4 billion to €6.9 billion. This account saw an increase in total receipts, largely as a result of higher receipts from computer services and charges for the use of intellectual property. Expenditure on computer services likewise saw a notable increase, as did expenditure on other business services. Travel expenditure, however, fell so sharply that services expenditure as a whole declined. By contrast, net receipts in the primary income account dropped by €0.6 billion to €13.3 billion. This was due to somewhat increased expenditure, mainly as a result of higher payments of direct investment income to non-residents. Receipts remained virtually unchanged overall. This was also attributable to the fact that higher income of residents from dividends on their portfolio investment and from other investment income, and lower income from investment fund shares almost balanced each other out. Moreover, the deficit in the secondary income account widened by a slim €0.4 billion to €6.2 billion as a result of higher non-government expenditure in particular.

Higher net capital exports

German net capital exports in September were up on the previous month (€22.9 billion, following €7.7 billion in August).

Direct investment generated net capital imports of €5.7 billion in September (following €6.8 billion in August). Foreign enterprises provided their affiliates in Germany with €8.6 billion in direct investment, increasing both their intra-group loans (€4.9 billion) and equity capital (€3.7 billion). German enterprises stepped up their foreign direct investment by €2.9 billion, doing so entirely by increasing the volume of loans granted to their affiliates (€3.0 billion). Their equity capital, meanwhile, remained almost unchanged.

Germany’s cross-border portfolio investment recorded net capital exports of €32.7 billion in September (following net capital imports of €1.2 billion in August). Domestic investors added €40.3 billion worth of securities issued by non-residents to their portfolios on balance, purchasing foreign bonds (€32.7 billion), mutual fund shares (€8.7 billion) and also a small amount of shares (€0.1 billion), but selling money market paper (€1.3 billion). Foreign investors acquired German securities in the amount of €7.5 billion in net terms, purchasing German bonds (€8.1 billion), money market paper (€2.4 billion) and mutual fund shares (€0.2 billion), but offloading shares (€3.2 billion).

In September, transactions in financial derivatives resulted in net outflows of €0.6 billion (following €7.2 billion in August).

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 €4.1 billion in September (following net capital exports of €9.3 billion in August). Transactions via Bundesbank accounts, meanwhile, generated net capital imports (€12.4 billion), with the Bundesbank’s TARGET claims on the ECB decreasing by €11.2 billion. Furthermore, the Bundesbank’s external liabilities in the form of currency and deposits increased. Net capital imports were also recorded by monetary financial institutions excluding the Bundesbank (€5.9 billion). By contrast, both enterprises and households (€12.1 billion) as well as general government (€2.1 billion) recorded net capital exports.

The Bundesbank’s reserve assets declined – at transaction values – by €0.6 billion in September.