Eurozone current account surplus hits €25 bn in May, trade deficit expands

The European Central Bank reported that the euro area’s current‑account surplus rose to €25 billion in May, up from €17 billion in April. The improvement was driven by larger surpluses in goods, services and primary income. Over the twelve‑month period to May, the surplus stood at €272 billion (1.7 % of GDP), down from €318 billion a year earlier, mainly because of a weaker goods‑trade balance.

Eurozone residents increased net direct investment abroad to €335 billion, more than double the €164 billion a year earlier, while non‑residents bought €64 billion of euro‑area assets. Portfolio flows to non‑resident securities abroad reached a net €889 billion, with €500 billion in equities and €505 billion in bonds. Conversely, non‑resident investors purchased €1.005 trillion of euro‑area securities.

On the trade side, the euro area’s goods trade balance swung to a €7.8 billion deficit in May, reflecting a 10 % jump in imports, especially energy, while exports were flat. The EU as a whole recorded a €12.1 billion goods‑trade deficit. In the first five months of 2026, the euro‑area’s trade surplus fell to €3.3 billion from €78.7 billion a year earlier, even as intra‑EU trade grew by about 3 %.