According to the latest available data, the EU27 external current account recorded a deficit of 37.1 billion euro in the second quarter of 2010, compared with a deficit of 42.1 bn in the second quarter of 2009 and a deficit of 31.8 bn in the first quarter of 2010.

In the second quarter of 2010, compared with the second quarter of 2009, the deficits of the goods account (-29.9 bn euro compared with -14.9 bn) and the current transfers account (-14.2 bn compared with -11.9 bn) both increased. The surplus of the services account rose (+19.3 bn compared with +16.7 bn), while the deficit of the income account fell (-12.4 bn compared with -32.1 bn).

The surplus recorded in the services account (+19.3 bn euro) is mainly the result of surpluses in "other business services", which includes miscellaneous business, professional and technical services (+8.6 bn), financial services (+6.5 bn), computer & information services (+5.6 bn) and transportation (+5.0 bn), partially offset by deficits in royalties & license fees (-4.0 bn) and travel (-3.1 bn).

In the second quarter of 2010, the EU27 external current account recorded a surplus with the USA (+19.4 bn euro), Switzerland (+9.6 bn), Hong Kong (+5.7 bn), Brazil (+5.2 bn), Canada and India (both +1.8 bn), and a deficit with China (-31.5 bn), Russia (-13.0 bn) and Japan (-8.6 bn).

Financial Account

In the second quarter of 2010, the EU27 made direct investments abroad of 50.1 bn euro, compared with 75.0 bn in the same quarter of 2009, while foreign direct investors recorded disinvestments in the EU27 of 12.0 bn, compared with investments of 81.4 bn in the same quarter of 2009. Portfolio investments recorded a net inflow of 194.0 bn, compared with 133.9 bn in the second quarter of 2009.

These provisional data, issued by Eurostat, the statistical office of the European Union, are based on the information available at the time of publication and subject to revision.