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December 18, 2020EURO AREA CURRENT ACCOUNT, OCTOBER 2020 
Month over month (Oct 2020 vs Sep 2020, seasonally adjusted)
The European Central Bank reported today that the Euro Area (EA19) Current account surplus widened by €1.4 billion to €26.6 billion.
- Net Goods surplus widened by €1.9 billion to €34.6 billion
- Goods exports increased €3.8 billion to €194.2 billion
- Goods Imports increased €1.9 billion to €159.6 billion
- Net Services surplus widened by €2.9 billion to €9.4 billion
- Net Primary Income deficit widened by €3.1 billion to €5.3 billion
- Net Secondary Income deficit widened by €0.3 billion to €12.2 billion
Exports of goods and services increased €6.9 billion to €265.7 billion
- Imports of goods and services increased €2.1 billion to €221.7 billion
- As a result, Net trade surplus widened by €4.8 billion to €44.1 billion
Year over year (Oct 2020 vs Oct 2019)
- Goods exports decreased €10.7 billion
- Goods Imports decreased €14.5 billion
- Exports of goods and services decreased €24.4 billion
- Imports of goods and services decreased €35.0 billion
CURRENT ACCOUNT BALANCE TO GDP RATIO
The ratio of the current account balance to the Gross Domestic Product (or % of GDP) provides an indication of the country's trade and income flows relative to the size of the economy. The ratio is calculated by dividing the net values of exports less imports, primary Income (interest and dividends) and secondary income (transfers) over a period by the gross domestic product for the same period. Although called a ratio, it is usually expressed as a percentage. A current account surplus indicates upward pressure on the foreign exchange rate unless it is offset by net outflows (leading, acquisition of assets) outside the country.
In 2020 Q3, the unadjusted Euro Area current account surplus was 2.8% of GDP.
Sources:
European Central Bank. Press Release | Database | Selected Current Account Data | Current Account Share of GDP
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