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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

March 21, 2024

Month over month (January 2024 vs December 2023, seasonally adjusted)

The European Central Bank reported today that the Euro Area

  • Current account surplus increased by €7.4 billion to €39.4 billion.
  • Goods trade surplus increased by €12.0 billion to €46.7 billion.
  • Services trade surplus decreased by €11.2 billion to €4.9 billion.
  • Primary income deficit narrowed by €2.6 billion to €2.9 billion.
  • Secondary income deficit narrowed by €4.0 billion to €9.4 billion.

Compared with December 2023, Euro Area exports of goods edged up by 0.1% to €247.9 billion in January 2024 while imports of goods declined by 5.7% to €201.2 billion. The decline in goods imports contributed to a widening of the Euro Area goods surplus to €46.7 billion.  

Exports of services increased by 2.1% to €112.4 billion while imports of services increased 14.3% to €107.5 billion in January 2024.  The substantial increase in service imports reduced the Euro Area services surplus to €4.9 billion.

Primary income receipts for the Euro Area increased by 6.9% to €103.9 billion while payments rose by 4.0% to €106.7 billion in January 2024. Faster growth in receipts than payments narrowed the Euro Area primary income deficit to €2.9 billion.

Secondary income receipts declined by 5.0% to €14.0 billion while secondary income payments fell by 16.9% to €23.5 billion. As the decline in payments was steeper than the drop in receipts, the Euro Area secondary income deficit narrowed to €9.4 billion in January 2024.

Source: European Central Bank.  Press Releases Selected Current Account Data 

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