The Economies With the Biggest Current Account Surpluses in 2026
China is projected to run the world's largest current account surplus in 2026, at US$863.205 billion — just over twice South Korea's US$421.946 billion. And in second-quarter actual data, South Korea's surplus was bigger than Germany's and Japan's put together, the first time that has happened since comparable records began in 1996.
Quick Answer
China has the biggest current account surplus in 2026, projected at US$863.205 billion by the IMF, followed by South Korea (US$421.946 billion), Germany (US$244.796 billion), Taiwan (US$224.687 billion) and Japan (US$199.407 billion). South Korea's projected surplus equals 18.8% of its GDP. In Q2 2026 IMF data published in the Bank of Korea's statistics system, South Korea's US$116.63 billion surplus topped Germany and Japan combined (US$102.89 billion).
A current account surplus means an economy earns more from the rest of the world — through exports of goods and services, investment income and transfers — than it spends abroad. This ranking uses the International Monetary Fund's World Economic Outlook (October 2026), which projects full-year 2026 current account balances for 190 economies. The surplus table is dominated by export powerhouses: China alone accounts for more than a third of the top 10's combined total, and the standout story is South Korea, whose projected surplus is the world's second largest and — in actual second-quarter 2026 data — exceeded the surpluses of Germany and Japan combined.
Korea beat Germany + Japan combined — in Q2
In IMF quarterly data published in the Bank of Korea's Economic Statistics System on October 25, 2026, South Korea ran a Q2 2026 current account surplus of US$116.63 billion, against US$52.28 billion for Germany and US$50.62 billion for Japan — US$102.89 billion combined. The combined figure is the sum of the more precise component figures (US$52.276 billion and US$50.615 billion), which total US$102.891 billion before rounding. It is the first time Korea's quarterly surplus has topped Germany's and Japan's combined since comparable data for all three began in Q1 1996. The full-year picture is tighter: in the IMF's 2026 projections, Germany and Japan together (US$444.203 billion, our calculation) still edge out South Korea (US$421.946 billion).
Current account surplus, 2026 projection (US$ billions)
Source: IMF, World Economic Outlook, October 2026Tap any economy to jump to its full breakdown below.
Ranked #10 to #1
Switzerland
Projected 2026 surplus · IMF WEO, October 2026- Current account surplus (2026 projection):
- $70.658B
- Category:
- Europe
Switzerland rounds out the top 10 with a projected 2026 surplus of US$70.658 billion.
Switzerland holds the final spot ahead of Hong Kong SAR (US$63.037 billion, 11th in the IMF's table), which is a special administrative region rather than a sovereign country.
Source: IMF, World Economic Outlook, October 2026
Russia
Projected 2026 surplus · IMF WEO, October 2026- Current account surplus (2026 projection):
- $107.964B
- Category:
- Europe
Russia ranks ninth, with a projected 2026 current account surplus of US$107.964 billion.
Russia's projected surplus sits just US$3.573 billion behind Singapore's — the closest gap between any two economies in this top 10 (our calculation).
Source: IMF, World Economic Outlook, October 2026
Singapore
Projected 2026 surplus · IMF WEO, October 2026- Current account surplus (2026 projection):
- $111.537B
- Category:
- Asia
Singapore ranks eighth with a projected surplus of US$111.537 billion — large for a city-state.
Singapore is the only city-state in the top 10, in a list otherwise made up of much larger economies.
Source: IMF, World Economic Outlook, October 2026
Netherlands
Projected 2026 surplus · IMF WEO, October 2026- Current account surplus (2026 projection):
- $118.279B
- Category:
- Europe
The Netherlands is projected to run a surplus of US$118.279 billion in 2026, ranking seventh.
In the first-half 2026 comparison table published with the Bank of Korea data, the Netherlands recorded a surplus of US$50.54 billion — seventh in that table, which does not include Taiwan.
Source: IMF, World Economic Outlook, October 2026; IMF quarterly data via Bank of Korea ECOS (H1 2026)
Norway
Projected 2026 surplus · IMF WEO, October 2026- Current account surplus (2026 projection):
- $134.685B
- Category:
- Europe
Norway ranks sixth with a projected 2026 surplus of US$134.685 billion.
Norway ranked fifth in the first-half 2026 comparison table published with the Bank of Korea data (US$55.32 billion), ahead of Switzerland (US$51.03 billion) and the Netherlands (US$50.54 billion). That table does not include Taiwan.
Source: IMF, World Economic Outlook, October 2026; IMF quarterly data via Bank of Korea ECOS (H1 2026)
Japan
Projected 2026 surplus · IMF WEO, October 2026- Current account surplus (2026 projection):
- $199.407B
- Category:
- Asia
Japan is projected to run a current account surplus of US$199.407 billion in 2026, ranking fifth.
In Q2 2026 actual data, Japan's surplus was US$50.62 billion — less than half of South Korea's US$116.63 billion for the same quarter.
Source: IMF, World Economic Outlook, October 2026; IMF quarterly data via Bank of Korea ECOS (Q2 2026)
Taiwan
Projected 2026 surplus · IMF WEO, October 2026- Current account surplus (2026 projection):
- $224.687B
- Category:
- Asia
Taiwan ranks fourth with a projected 2026 surplus of US$224.687 billion, ahead of Japan.
Taiwan's projected surplus is larger than Japan's (US$199.407 billion) — even though Japan's economy is far bigger. The IMF lists Taiwan in its database as 'Taiwan Province of China.'
Source: IMF, World Economic Outlook, October 2026
Germany
Projected 2026 surplus · IMF WEO, October 2026- Current account surplus (2026 projection):
- $244.796B
- Category:
- Europe
Germany is Europe's largest surplus country, projected at US$244.796 billion for 2026 — third in the world.
Germany's projected surplus is US$244.796 billion. In Q2 2026 actual data, its US$52.28 billion surplus was less than half of South Korea's US$116.63 billion.
Source: IMF, World Economic Outlook, October 2026; IMF quarterly data via Bank of Korea ECOS (Q2 2026)
South Korea
Projected 2026 surplus · 18.8% of GDP · IMF WEO, October 2026- Current account surplus (2026 projection):
- $421.946B
- Category:
- Asia
South Korea is the story of this ranking: a projected 2026 surplus of US$421.946 billion, second only to China and equal to 18.8% of its GDP.
In Q2 2026 IMF data published in the Bank of Korea's statistics system, South Korea's US$116.63 billion surplus topped Germany (US$52.28 billion) and Japan (US$50.62 billion) combined (US$102.89 billion). It was the first time that has happened since comparable data began in 1996, and it came as Korea's semiconductor exports rose 181.6% to US$113.89 billion in the quarter. Korea also ranked second in the first-half 2026 actuals, with US$191.01 billion.
Source: IMF, World Economic Outlook, October 2026; IMF quarterly data via Bank of Korea ECOS (Q2 and H1 2026)
China
Projected 2026 surplus · IMF WEO, October 2026- Current account surplus (2026 projection):
- $863.205B
- Category:
- Asia
China runs the world's largest current account surplus by a wide margin — projected at US$863.205 billion for 2026, just over twice South Korea's figure.
China also led the first-half 2026 actuals with a surplus of US$378.03 billion, and its projected full-year surplus is larger than the bottom six economies in this top 10 combined (US$742.530 billion, our calculation).
Source: IMF, World Economic Outlook, October 2026; IMF quarterly data via Bank of Korea ECOS (H1 2026)
What the numbers tell us
The top 10 surplus economies are projected to run a combined surplus of US$2,497.164 billion in 2026 (our calculation from IMF figures), with China alone accounting for more than a third of it (34.6%). Asia and Europe hold five of the top 10 places each, and Singapore is the only city-state on the list. At the other end of the IMF's table sit the world's big deficit economies, led by the United States, whose projected 2026 current account deficit is US$1,262.649 billion — the largest in the table, and about nine times the next-largest, the United Kingdom's US$141.570 billion (our calculation).
- Data period:
- IMF World Economic Outlook, October 2026 — full-year 2026 current account balance projections
- Last updated:
- October 25, 2026
- Sources:
- International Monetary Fund, World Economic Outlook (October 2026), current account balance data (Data Mapper, BCA series); IMF quarterly balance-of-payments statistics as published in the Bank of Korea's Economic Statistics System (Q2 and first-half 2026 actuals), as reported by Yonhap (via Korea JoongAng Daily), Seoul Economic Daily and JKN on October 25, 2026
- Source links:
- IMF Data Mapper: Current account balance, US$ billions (WEO October 2026)
- IMF Data Mapper: Current account balance, percent of GDP (WEO October 2026)
- Korea JoongAng Daily (Yonhap): Korea's surplus tops Germany and Japan combined
- Seoul Economic Daily: Korea's current account surplus tops Germany and Japan
Economies are ranked by their projected full-year 2026 current account balance in US dollars, from the IMF's World Economic Outlook (October 2026). These are IMF projections, not final 2026 results, and the IMF revises them in each WEO edition. The IMF's database covers 190 economies and lists Taiwan as 'Taiwan Province of China'; it is shown here as Taiwan. Hong Kong SAR ranks 11th, just outside the top ten, with a projected current account surplus of US$63.037 billion. Where this article quotes actual 2026 data — South Korea's Q2 surplus of US$116.63 billion versus Germany (US$52.28 billion) and Japan (US$50.62 billion), and the first-half figures — those come from IMF quarterly statistics as published in the Bank of Korea's Economic Statistics System, and are labelled as actuals wherever they appear; they are a different period from the projected full-year ranking and are never mixed into it. Combined totals, gaps and shares quoted in the article are our own calculations from the published figures.
Figures marked as estimates are based on publicly available information and may vary from other published sources.
Frequently Asked Questions
China, with a projected 2026 surplus of US$863.205 billion in the IMF's World Economic Outlook (October 2026) — just over twice second-placed South Korea's US$421.946 billion.