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January 19, 2021EURO AREA CURRENT ACCOUNT, NOVEMBER 2020 
Month over month (Nov 2020 vs Oct 2020, seasonally adjusted)
The European Central Bank reported today that the Euro Area (EA19) Current account surplus narrowed by €1.0 billion to €24.6 billion .
- Net Goods surplus narrowed by €0.2 billion to €34.1 billion
- Goods exports increased €6.2 billion to €197.8 billion and
- Goods Imports increased €6.5 billion to €163.7 billion
- Net Services surplus widened by €1.0 billion to €9.5 billion
- Net Primary Income surplus changed from a deficit (-€5,103 billion ) to a surplus (€508 billion)
- Net Secondary Income deficit widened by €7.4 billion to €19.6 billion
Balance of Trade
Month over month (Nov 2020 vs Oct 2020, seasonally adjusted)
- Exports of goods and services increased €6.2 billion to €268.9 billion
- Imports of goods and services increased €5.4 billion to €225.3 billion
- As a result, Net trade surplus widened by €0.7 billion to €43.6 billion
Year over year (Nov 2020 vs Nov 2019)
- Goods exports decreased €4.1 billion
- Goods Imports decreased €9.0 billion
- Exports of goods and services decreased €17.8 billion
- Imports of goods and services decreased €30.1 billion
CURRENT ACCOUNT BALANCE TO GDP RATIO (2020Q3 vs 2020Q2, unadjusted)
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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