Germany recorded a current account surplus of €19.0 billion in June 2026. This figure represents a €10.1 billion increase compared to the surplus recorded in the previous month.
Germany's current account surplus in June 2026
The improvement in the current account was driven by a swing into a surplus in 'invisible' transactions, which encompass services, primary income, and secondary income. A higher surplus in goods trade also contributed to the change. The goods trade surplus grew by €2.2 billion to reach €17.3 billion in June 2026.
Within the 'invisible' transactions, the deficit of €6.2 billion seen in the previous month swung to a surplus of €1.7 billion in June 2026. Net primary income rose by €10.0 billion to €13.9 billion during the month.
The rise in primary income was mainly due to a counter-movement in dividend payments to non-residents for their securities holdings, following considerable increases in payments during May. Because of these lower dividend payments, the German state collected less tax from non-residents.
Secondary income saw the deficit widen by €2.0 billion to €5.0 billion in June 2026. Meanwhile, the services deficit remained practically unchanged at €7.2 billion. Services revenue expanded due to higher income from telecommunications, computer and information services, transport, and other business services, while services expenditure also rose in those sectors and in travel.
Capital movements and investment
Germany recorded net capital exports of €31.5 billion in June 2026, up from €12.1 billion in May 2026. This included net direct investment capital exports of €6.0 billion, after a net capital import of €11.9 billion in May 2026.
German companies increased their direct investment stocks abroad by €9.8 billion in June 2026. This comprised a €7.0 billion increase in equity capital and €2.8 billion in additional intra-group loans to foreign units. On the other hand, foreign companies transferred €3.8 billion to their branches in Germany, while increasing equity capital in those branches by €0.9 billion and intra-group loans by €2.8 billion.
Net capital exports in cross-border securities trade were €6.5 billion in June 2026, compared to €2.6 billion in May 2026.
Financial derivatives transactions led to net outflows of €9.1 billion in June 2026, following outflows of €5.8 billion in May 2026. In the 'other capital movements' category—which includes bank balances and financial or trade credits not classed as direct investment—Germany recorded net capital exports of €10.5 billion, down from €14.7 billion in May 2026.
In the other capital movements segment, monetary financial institutions excluding the German Bundesbank increased their net foreign position by €23.9 billion, while companies and private individuals increased theirs by €28.4 billion. The German Bundesbank's net foreign claims in other capital investments decreased by €41.3 billion, due in part to a lower TARGET balance of €22.5 billion and higher deposits by residents outside the euro area.
The German state recorded net capital imports of €0.6 billion in June 2026. Additionally, the German Bundesbank's currency reserves decreased by €0.5 billion during the month.
