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March 21, 2024EURO AREA CURRENT ACCOUNT, JANUARY 2024 Month over month (January 2024 vs December 2023, seasonally adjusted)
The European Central Bank reported today that the Euro Area
- Current account surplus increased by €7.4 billion to €39.4 billion.
- Goods trade surplus increased by €12.0 billion to €46.7 billion.
- Services trade surplus decreased by €11.2 billion to €4.9 billion.
- Primary income deficit narrowed by €2.6 billion to €2.9 billion.
- Secondary income deficit narrowed by €4.0 billion to €9.4 billion.
Compared with December 2023, Euro Area exports of goods edged up by 0.1% to €247.9 billion in January 2024 while imports of goods declined by 5.7% to €201.2 billion. The decline in goods imports contributed to a widening of the Euro Area goods surplus to €46.7 billion.
Exports of services increased by 2.1% to €112.4 billion while imports of services increased 14.3% to €107.5 billion in January 2024. The substantial increase in service imports reduced the Euro Area services surplus to €4.9 billion.
Primary income receipts for the Euro Area increased by 6.9% to €103.9 billion while payments rose by 4.0% to €106.7 billion in January 2024. Faster growth in receipts than payments narrowed the Euro Area primary income deficit to €2.9 billion.
Secondary income receipts declined by 5.0% to €14.0 billion while secondary income payments fell by 16.9% to €23.5 billion. As the decline in payments was steeper than the drop in receipts, the Euro Area secondary income deficit narrowed to €9.4 billion in January 2024.
Source: European Central Bank. Press Releases | Selected Current Account Data
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