According to the latest available data, the EU27 external current account recorded a deficit of 38.8 billion euro in the first quarter of 2011, compared with a deficit of 27.7 bn in the first quarter of 2010 and a deficit of 20.4 bn in the fourth quarter of 20103.

In the first quarter of 2011, compared with the first quarter of 2010, there was an increase in the deficit of the goods account (-46.5 bn euro compared with -32.6 bn) and of the current transfers account (-19.2 bn compared with -16.6 bn). The surplus of the services account rose (+16.9 bn compared with +11.5 bn), while the surplus of the income account remained stable (+9.9 bn compared with +10.0 bn).

The surplus recorded in the services account (+16.9 bn euro) is mainly the result of surpluses in "other business services", which includes miscellaneous business, professional and technical services (+7.1 bn), financial services (+6.7 bn), computer & information services (+5.8 bn), transportation (+3.1 bn), insurance services (+2.5 bn) and construction services (+1.8 bn), partially offset by deficits in travel (-3.2 bn) and royalties & license fees (-2.4 bn).

In the first quarter of 2011, the EU27 external current account recorded a surplus with the USA (+14.0 bn), Switzerland (+11.6 bn euro), Hong Kong (+5.5 bn), Brazil (+3.6 bn), Canada (+2.7 bn) and India (+1.0 bn), and a deficit with China (-32.9 bn), Russia (-18.9 bn) and Japan (-8.1 bn).