According to the latest revisions1, the EU27 external current account recorded a deficit of 32.0 billion euro in the first quarter of 2007, compared with a deficit of 36.2 bn in the first quarter of 2006 and a deficit of 18.1 bn in the fourth quarter of 2006.

In the first quarter of 2007, compared with the first quarter of 2006, a slightly lower deficit was recorded in the goods account (-49.5 bn euro compared with -50.6 bn), while the surplus of the services account increased (+15.2 bn compared with +11.2 bn). The surplus of the income account rose (+17.6 bn compared with +16.7 bn) as did the deficit of the current transfers account (-15.3 bn compared with -13.5 bn).

The surplus recorded in the services account (+15.2 bn euro) is mainly the result of surpluses in financial services (+8.1 bn), "other business services" (+6.0 bn), computer & information services (+3.5 bn) and transportation (+3.1 bn), partially offset by deficits in travel (-5.9 bn) and royalties & license fees (-2.7 bn).

In the first quarter of 2007, the EU274 external current account recorded a surplus with the USA (+22.3 bn euro), Canada (+2.6 bn) and Hong Kong (+1.9 bn), and a deficit with China (-37.7 bn), Russia (-10.8 bn) and Japan (-7.0 bn).