The EU27 external current account recorded a deficit of €38.8 billion in the first quarter of 2011, compared with a deficit of 27.7 bn in the first quarter of 2010, according to the latest available data. In addition, there is a €16.9 bn surplus on trade in services.

In the first quarter of 2011, compared with the first quarter of 2010, there was an increase in the deficit of the goods account (-46.5 bn euro compared with -32.6 bn) and of the current transfers account (-19.2 bn compared with ‑16.6 bn). In the first quarter of 2011, the EU27 external current account recorded a surplus with the USA (+14.0 bn), Switzerland (+11.6 bn euro), Hong Kong (+5.5 bn), Brazil (+3.6 bn), Canada (+2.7 bn) and India (+1.0 bn), and a deficit with China (-32.9 bn), Russia (-18.9 bn) and Japan (-8.1 bn).

The current account covers all transactions occurring between resident and non-resident entities, and refers to international trade in goods and services, income and current transfers. The balance of payments is based on a double entry system, therefore the sum of the balances of the current account, the capital account and the financial account is in principle equal to zero, any discrepancy being due to statistical errors. These data, issued by Eurostat, the statistical office of the European Union, are not seasonally adjusted. They are based on the information available at the time of publication and are subject to revision.

The surplus recorded in the services account (+16.9 bn euro) is mainly the result of surpluses in "other business services", which includes miscellaneous business, professional and technical services or financial services.