Steep rise in current account surplus

Germany’s current account recorded a surplus of €18.7 billion in September 2026, up €7.6 billion on the previous month’s level. This was caused by a larger surplus in the goods account and especially by the shift to a surplus in invisible current transactions, which comprise services as well as primary and secondary income.

The surplus in the goods account grew by €2.9 billion to €15.6 billion in September because receipts recorded a steeper increase than expenditure. Invisible current transactions shifted from a deficit of €1.6 billion in August into a surplus of €3.2 billion, a key factor being that the services deficit declined by €3.5 billion to €7.4 billion. Receipts increased overall, chiefly as a result of higher receipts from telecommunications, computer and information services as well as other business services. Expenditure on other business services also rose significantly. However, travel expenditure declined – as is typical for this time of year – and was the major reason why total expenditure was slightly down on the previous month’s level. The deficit in the secondary income account narrowed by €1.4 billion to €5.3 billion. An increase in general government revenue from current taxes on income and wealth contributed to this. At €16.0 billion, net receipts in primary income remained almost at the level of the previous month. 

Net capital exports

In the financial account, Germany recorded net capital imports of €18 billion in September (following €12.8 billion in August).

Direct investment generated net capital imports of €2.0 billion in September (following €3.0 billion in August). Foreign enterprises provided their subsidiaries in Germany with net direct investment funds amounting to €16.9 billion, primarily issuing intra-group loans (€15.6 billion). By contrast, they raised their equity capital only marginally (€1.4 billion). Resident enterprises increased their outward foreign direct investment by €14.9 billion, likewise granting additional intra-group loans (€8.7 billion). However, they boosted their equity capital to a comparatively greater extent, increasing it by €6.2 billion.

Germany’s cross-border portfolio investment recorded net capital exports of €14.7 billion in September (after €19.4 billion in August). Domestic investors acquired foreign securities worth €39.8 billion on balance, purchasing bonds (€25.3 billion), mutual fund shares (€9.3 billion), shares (€4.6 billion) and money market paper (€0.5 billion). Foreign investors added €25.1 billion worth of domestic securities to their portfolios on balance, acquiring bonds (€26.4 billion), money market paper (€3.4 billion) and mutual fund shares (€1.0 billion). At the same time, they disposed of shares to the tune of €5.7 billion.

In September, transactions in financial derivatives resulted in net inflows of €5.9 billion (after outflows of €3.3 billion in August). 

Other investment comprises loans and trade credits (where these do not constitute direct investment) as well as bank deposits and other capital. This account recorded net capital exports of €10.8 billion in September, after net capital imports of €6.6 billion in August. Monetary financial institutions excluding the Bundesbank (€38.4 billion) as well as enterprises and households (€36.7 billion) increased their net external assets in this segment. By contrast, the Bundesbank’s net external claims in other investment fell (€59.2 billion), owing in particular to a decline in TARGET claims on the ECB. General government also recorded net capital imports on balance (€5.1 billion). 

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