FX.co ★ German Current Account Surplus Narrows as Exports Slow

Germany's current account surplus was recorded at €15.1 billion in November 2025, a decrease from €18.8 billion in the previous year. The reduction in the goods surplus to €12.7 billion from €19.2 billion was primarily due to a 3.4% decrease in exports alongside a 2.7% increase in imports. Meanwhile, the deficit in secondary income expanded to €7.7 billion from €7.3 billion. Conversely, the primary income surplus saw an increase, rising to €14.8 billion from €14.5 billion, and the services deficit was reduced to €4.7 billion from €7.6 billion. During the first eleven months of 2025, Germany's current account surplus stood at €182.1 billion, down from €235.3 billion in the corresponding period in 2024.