The EU external current account recorded a deficit of €43.2 billion in the second quarter of 2011, compared with a deficit of €33.1 billions in the second quarter of 2010, according to the latest available data. In addition, the external balance of trade in services was in surplus by €22.9 billion.

The EU27 external current account recorded a deficit of 43.2 billion euro in the second quarter of 2011, compared with a deficit of 33.1 bn in the second quarter of 2010. In the second quarter of 2011, the EU27 external balance of trade in goods was in deficit by 37.4 bn euro, compared with a deficit of 29.9 bn in the second quarter of 2010. In the second quarter of 2011, the external balance of trade in services was in surplus by 22.9 bn euro, compared with a surplus of 19.6 bn in the second quarter of 2010.

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 (+22.9 bn euro) is mainly the result of surpluses in "other business services", which includes miscellaneous business, professional and technical services or financial services.