Reports Deutsche Bundesbank: current account surplus €18.7 billion in September 2026

Headline and current account detail

Deutsche Bundesbank published the balance of payments for September 2026. The current account recorded a surplus of €18.7 billion in September 2026, up €7.6 billion on the previous month’s level. The goods account surplus rose by €2.9 billion to €15.6 billion because receipts increased more than expenditure. Invisible current transactions shifted from a deficit of €1.6 billion in August into a surplus of €3.2 billion. The services deficit declined by €3.5 billion to €7.4 billion, with overall receipts higher chiefly due to larger receipts from telecommunications, computer and information services and other business services. Expenditure on other business services also rose, while travel expenditure declined. The deficit in secondary income narrowed by €1.4 billion to €5.3 billion. Net receipts in primary income were €16.0 billion, almost unchanged from the previous month.

Financial account movements

In the financial account, Germany recorded net capital imports of €18 billion in September, following €12.8 billion in August. Direct investment generated net capital imports of €2.0 billion (after €3.0 billion in August). Foreign enterprises supplied their German subsidiaries with net direct investment funds of €16.9 billion, mainly via intra-group loans of €15.6 billion; they raised equity capital only marginally (€1.4 billion). Resident enterprises increased outward foreign direct investment by €14.9 billion, largely through intra-group loans (€8.7 billion) and by increasing equity capital (€6.2 billion). Cross-border portfolio investment showed net capital exports of €14.7 billion (after €19.4 billion), with domestic investors acquiring foreign securities worth €39.8 billion on balance and foreign investors adding €25.1 billion of domestic securities on balance.

Other segments and reserves

Transactions in financial derivatives produced net inflows of €5.9 billion in September (after outflows of €3.3 billion in August). Other investment recorded net capital exports of €10.8 billion in September, after net capital imports of €6.6 billion in August. Monetary financial institutions excluding the Bundesbank (€38.4 billion) and enterprises and households (€36.7 billion) increased their net external assets in this segment. By contrast, the Bundesbank’s net external claims in other investment fell by €59.2 billion, owing in particular to a decline in TARGET claims on the ECB. General government recorded net capital imports on balance (€5.1 billion). The Bundesbank’s reserve assets rose, at transaction values, by €0.6 billion in September.