According to the latest revisions, the EU27 external current account recorded a deficit of 14.6 billion euro in the second quarter of 2007, compared with a deficit of 18.9 bn in the second quarter of 2006 and a deficit of 28.1 bn in the first quarter of 2007.

In the second quarter of 2007, compared with the second quarter of 2006, a lower deficit was recorded in the goods account (-33.9 bn euro compared with -41.2 bn), while the surplus of the services account increased (+23.6 bn compared with +18.7 bn). The surplus of the income account declined (+8.0 bn compared with +14.5 bn), while the deficit of the current transfers account rose (-12.3 bn compared with -10.9 bn).

The surplus recorded in the services account (+23.6 bn euro) is mainly the result of surpluses in "other business services" (+10.4 bn), financial services (+7.7 bn), transportation (+4.5 bn) and computer & information services (+2.4 bn), partially offset by deficits in travel (-3.0 bn) and royalties & license fees (-1.9 bn).

In the second quarter of 2007, the EU27 external current account recorded a surplus with the USA (+22.1 bn euro), Hong Kong (+3.5 bn) and Canada (+2.3 bn), and a deficit with China (-30.4 bn), Russia (-8.8 bn) and Japan (-6.5 bn).