The euro area current account surplus increased in May on rising trade surplus, the European Central Bank reported Thursday.
The current account posted a surplus of EUR 9 billion in May compared to EUR 4 billion in April. In the same period last year, the balance was in EUR 14 billion deficit.
The surplus on goods trade rose to EUR 23 billion from EUR 17 billion in April. Likewise, the surplus on services increased to EUR 6 billion from EUR 4 billion.
Primary income registered a deficit of EUR 8 billion, bigger than April's EUR 3 billion shortfall. At the same time, the deficit on secondary income narrowed to EUR 12 billion from EUR 14 billion.
In the twelve months to May, the current account balance showed a deficit of EUR 49 billion compared with a surplus of EUR 161 billion a year ago.
In the financial account, euro area residents' net acquisitions of non-euro area portfolio investment securities totaled EUR 23 billion and non-residents' net acquisitions of euro area portfolio investment securities came in at EUR 281 billion in twelve months to May.
