Eurozone Current Account Surplus Narrows in September

The eurozone’s current account surplus narrowed to €12.6 billion in November 2025, down sharply from €27.1 billion a year earlier, reflecting weaker trade and income balances. The goods surplus fell to €27.1 billion from €33.0 billion, as exports declined by 2.8% while imports edged down by a more modest 0.4%. The services surplus also contracted, easing to €4.4 billion from €6.0 billion. Meanwhile, the primary income account swung into a €3.4 billion deficit, reversing a €4.9 billion surplus recorded in the same period last year. Partially offsetting these pressures, the secondary income deficit narrowed to €15.5 billion from €16.8 billion. From January to November 2025, the eurozone’s current account surplus narrowed to €226.2 billion, down significantly from €366.4 billion over the same period in 2024.

The Eurozone current account surplus rose slightly to €32 billion in October 2025 from €29.5 billion in the same month a year earlier, as the goods surplus went up to EUR 36 billion from EUR 27.9 billion. Meanwhile, the services surplus narrowed to EUR 8.2 billion from EUR 11.5 billion in October 2024 and the primary income surplus shrank to EUR 2.8 billion from EUR 5.8 billion. The secondary income deficit was little changed at EUR 15 billion. On a seasonally adjusted basis, the current account surplus widened to EUR 25.7 billion in October from EUR 23.1 billion in the previous month, overshooting market expectations of EUR 19.6 billion.

The Eurozone current account surplus narrowed to €38.1 billion in September 2025, down from a revised €43.5 billion a year earlier, largely due to a sharp drop in the primary income surplus, which fell to €0.8 billion from €12.0 billion. At the same time, the secondary income deficit widened to €16.2 billion from €13.6 billion. On the positive side, the goods surplus rose to €34.1 billion from €27.5 billion, supported by exports climbing 6.7% to €250.0 billion while imports increased more slowly by 4.4% to €215.9 billion. The services surplus also strengthened, reaching €19.4 billion compared with €17.6 billion. Looking at the broader picture, the Eurozone’s current account surplus for the first three quarters of 2025 narrowed to €213.4 billion from €306.5 billion in the same period of 2024.