Netherlands Current Account Surplus Little Changed in Q3

The Netherlands’ current account surplus came in at €19.75 billion in the third quarter of 2025, compared to €19.8 billion in the same period last year. The goods surplus widened to €19.7 billion from €17.9 billion and the services surplus increased to €9.2 billion from €8.7 billion. On the other hand, the deficit on the primary income went up to €5.8 billion from €4.3 billion and the gap on the secondary income account went up to €3.3 billion from €2.5 billion.

The Netherlands’ current account surplus narrowed to €13.2 billion in the second quarter of 2025, down from €20.4 billion in the same period last year. This marks the smallest surplus since the third quarter of 2022, mainly due to a lower goods trade surplus, which fell to €15.0 billion from €16.7 billion in Q2 2024. The primary income deficit also widened, reaching €13.9 billion compared with €7.1 billion a year earlier. Meanwhile, the services surplus increased to €13.5 billion from €12.3 billion, while the secondary income deficit was little changed at €1.4 billion.

The Netherlands’ current account surplus widened to €28.2 billion in the first quarter of 2025 from €27.9 billion a year earlier, driven primarily by a widening goods trade surplus, which climbed to €24.9 billion from €20.9 billion. Meanwhile, the services surplus edged slightly lower to €9.0 billion from €9.2 billion. In contrast, the primary income account swung to a €0.7 billion deficit from a €1.9 billion surplus in the same period last year. The secondary income shortfall also widened to €5.0 billion from €4.2 billion a year earlier.