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The race to the world's biggest current account surplus

Race · 1 Nov 2026

Bar chart race of current account surpluses in current US dollars, 1990 to 2025, for 12 countries. Japan leads through the 1990s, China from 2006, Germany, in gold, from 2011 to 2019 except 2015. China leads from 2020 and ends at $729bn, Germany second at $223bn.

Germany ran a deficit every year from 1991 to 2000. In 2011 it had the biggest surplus of these 12.

Japan led through the 1990s and China from 2006. Germany and China then swapped the lead until 2020. In 2025 China's surplus was $729bn, Germany's $223bn.

Source: IMF World Economic Outlook, 2025