Germany Current Account

Germany’s current account surplus narrowed slightly to €14.80 billion in October 2025, compared with a revised €15.21 billion a year earlier. The primary income surplus declined to €13.23 billion from €14.78 billion, while the secondary income deficit widened to €6.26 billion from €5.97 billion. In contrast, trade figures provided some support: the goods surplus increased to €16.70 billion from €15.50 billion in October 2024, as exports rose 4.5% to €122.0 billion and imports grew at a slower pace of 4.0% to €105.30 billion. The services deficit also narrowed slightly, improving to €8.87 billion from €9.11 billion. Over the first ten months of the year, however, the cumulative current account surplus narrowed to €167.03 billion from €216.50 billion in the same period of 2024, reflecting the impact of US tariffs on German goods exports.