Germany’s current account recorded a surplus of €15.1 billion in November 2025, up €0.3 billion from October. The goods account surplus fell €3.5 billion to €12.7 billion due to sharper declines in receipts compared to expenditures. Invisible current transactions shifted to a surplus of €2.4 billion, driven by a €3.8 billion contraction in the services deficit, primarily from lower travel spending. Primary income rose €1.4 billion to €14.8 billion, while secondary income deficits expanded €1.4 billion to €7.7 billion, linked to increased government payments to the EU budget. Net capital exports totaled €36.7 billion in November, following October’s €30.2 billion in imports. Portfolio investments saw €28.4 billion in net inflows, with foreign investors acquiring German bonds and money market paper. Financial derivatives and other investments recorded net outflows of €0.9 billion and €64.4 billion, respectively. The Bundesbank’s reserve assets grew €0.8 billion.
© Deutsche Bundesbank.
Summary adapted from the Bundesbank website (https://www.bundesbank.de).
Original source © Deutsche Bundesbank.
https://www.bundesbank.de/en/press/press-releases/german-balance-of-payments-in-november-2025-936550
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