FX.co ★ German Current Account Surplus Narrows Slightly in August

Germany’s current account surplus narrowed slightly to €10.3 billion in August 2026, down from a revised €10.9 billion in August 2025. The decline reflected larger deficits in services and secondary income, which more than offset stronger performances in goods and primary income. The services deficit widened to €11.5 billion from €9.9 billion, while the secondary income deficit increased to €6.8 billion from €6.0 billion. In contrast, the goods surplus rose to €13.1 billion from €12.4 billion a year earlier, as exports grew 7.1% year-on-year to €106.2 billion and imports increased 7.4% to €93.2 billion. The primary income surplus also improved, expanding to €15.6 billion from €14.4 billion. Despite the modest year-on-year decline in August, Germany’s cumulative current account surplus for the first eight months of 2026 climbed to €140.4 billion, compared with €133.7 billion in the same period of 2025.