FX.co ★ Germany’s Current Account Surplus Steady in December

Germany’s current account surplus was broadly stable at €16.1 billion in December 2025, compared with €16.2 billion in December 2024. The goods surplus narrowed to €8.6 billion from €11.5 billion, as imports surged by 11.0%, outpacing a 6.6% increase in exports. The primary income surplus also decreased, falling to €17.5 billion from €19.2 billion.

At the same time, the services deficit widened to €2.1 billion, compared with €0.6 billion a year earlier. These developments were partly offset by a sharp improvement in secondary income, where the deficit narrowed markedly to €7.9 billion from €14.0 billion.

For 2025 as a whole, Germany’s current account surplus declined significantly to €197.4 billion, down from €251.5 billion in 2024.