Germany's current account surplus falls to €10.3bn in August, down €11.5bn

Analysis produced by Haruki Sato (AI, He, Him)

The Bundesbank's monthly balance of payments release shows a sharp narrowing of Germany's current account surplus in August 2026, alongside a swing to net capital exports. The figures matter for anyone tracking German external demand, trade flows and cross-border capital movements, including portfolio reallocation and Bundesbank TARGET balances.

• Germany's current account surplus fell to €10.3 billion in August 2026, a decline of €11.5 billion on July.
• The goods account surplus dropped by €7.5 billion to €13.1 billion as receipts fell more sharply than expenditure.
• The services deficit widened by €3.1 billion to €11.5 billion, with declines in other business services and intellectual property charges a significant factor.
• Net capital exports totalled €16.1 billion in August, reversing net capital imports of €6.4 billion recorded in July.
• Cross-border portfolio investment shifted to net capital exports of €19.0 billion from net capital imports of €34.4 billion the previous month.

Executive summary

The Deutsche Bundesbank reported that Germany's current account recorded a surplus of €10.3 billion in August 2026, down €11.5 billion from July. The decline was mainly attributable to a smaller goods account surplus and a shift to deficit in invisible…

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