Current account surplus moderates in March

Latest reading: The current account recorded a EUR 1.4 billion surplus in March, deteriorating from the EUR 2.3 billion surplus booked in February (March 2024: EUR 5.0 billion surplus). Meanwhile, the 12-month trailing current account surplus narrowed, coming in at EUR 41.1 billion in March (February: EUR 44.6 billion surplus). The merchandise trade balance worsened from the previous month, recording a EUR 5.5 billion deficit in March (February: EUR 3.4 billion deficit). Merchandise exports increased 8.5% over the same month last year in March, on the heels of February’s 0.4% increase. Meanwhile, merchandise imports climbed 18.3% in annual terms in March (February: +3.5% yoy), marking the strongest reading since October 2022.

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