FX.co ★ German Current Account Surplus Narrows in September

In September 2025, Germany's current account surplus decreased to EUR 18.6 billion from EUR 21.7 billion in the same month the previous year. This decline was primarily due to widening deficits in the services and secondary income accounts, which offset the gains made in goods trade. The services deficit expanded to EUR 6.9 billion from EUR 5.4 billion, and the secondary income deficit grew to EUR 6.2 billion from EUR 4.4 billion. Meanwhile, the primary income surplus saw a slight reduction, slipping to EUR 13.3 billion from EUR 13.4 billion. Conversely, the goods surplus showed a modest improvement, increasing to EUR 18.4 billion from EUR 18.1 billion, as exports rose by 4.1%, slightly outpacing a 4.5% increase in imports. Throughout the first nine months of 2025, Germany’s current account surplus contracted to EUR 154.3 billion, a decline from EUR 200.2 billion recorded in the corresponding period of 2024.