Eurozone сurrent account surplus fell significantly in April

According to the report from European Central Bank,  the current account of the euro area recorded a surplus of €14 billion in April 2020, decreasing by €13 billion from the previous month. Surpluses were recorded for goods (€13 billion), primary income (€9 billion) and services (€4 billion). These were partly offset by a deficit for secondary income (€12 billion). Amid the coronavirus (COVID-19) pandemic and the measures implemented to contain its spread, exports and imports of goods and services continued to decrease compared with the previous month and stood at significantly lower levels than in April 2019.

In the 12-month period to April 2020, the current account recorded a surplus of €334 billion (2.8% of euro area GDP), compared with a surplus of €329 billion (2.8% of euro area GDP) in the 12 months to April 2019.

In the financial account, euro area residents made net acquisitions of foreign portfolio investment securities totalling €394 billion in the 12-month period to April 2020 (up from €64 billion in the 12 months to April 2019). Over the same period, non-residents made net acquisitions of euro area portfolio investment securities amounting to €306 billion (up from €44 billion).