The euro area recorded a current account surplus of €51 billion in March 2025, an increase from €41 billion in February.

The current account surplus for the 12 months leading up to March 2025 amounted to €438 billion, or 2.9% of euro area GDP, compared to €312 billion or 2.1% one year earlier.

This rise is largely attributed to increased surpluses in goods, services, and primary income.

In detail, surpluses of €44 billion in goods, €13 billion in services, and €7 billion in primary income were offset to some extent by a secondary income deficit of €13 billion.

Throughout the year ending March 2025, the surplus for goods increased significantly, from €324 billion to €386 billion, while the surplus for services rose from €133 billion to €173 billion.

Nonetheless, the deficit for secondary income grew from €168 billion to €174 billion.

In terms of the financial account, euro area residents recorded net acquisitions of non-euro area portfolio investment securities totaling €698 billion, while non-residents made net acquisitions of euro area portfolio investment securities amounting to €782 billion within the same 12-month period.

Additionally, net investments by euro area residents in non-euro area assets reached €110 billion during the year leading to March 2025, contrasting with net disinvestments of €252 billion in the previous year.

In comparison, net disinvestment from euro area assets by non-residents was reported as €101 billion, a decrease from disinvestments of €321 billion one year earlier.

In portfolio investment, euros from euro area residents' net purchases of non-euro area equity amounted to €150 billion, a rise from €91 billion the previous year.

The net purchases of non-euro area debt securities also increased, from €490 billion to €548 billion.

Conversely, non-residents increased their net purchases of euro area equity to €408 billion from €170 billion but recorded a drop in net purchases of euro area debt securities, from €404 billion to €374 billion.

In the category of other investments, net acquisitions of non-euro area assets by euro area residents totaled €365 billion, increasing from €128 billion the previous year.

Conversely, liabilities incurred by euro area residents reached €77 billion, following net disposals of €144 billion in the prior year.

Furthermore, the monetary presentation of the balance of payments indicated an increase of €405 billion in the net external assets of euro area monetary financial institutions (MFIs) over the year to March 2025, bolstered by surpluses in the current and capital accounts.

However, this was moderated by net outflows related to direct investment and other flows.

As of March 2025, the Eurosystem’s reserve assets were valued at €1,511.0 billion, an increase from €1,478.6 billion in February, driven primarily by positive price changes linked to the increased price of gold.

This was partially offset by adverse exchange rate changes and small net asset sales.

Revisions to January and February 2025 data were incorporated in this report, although they did not significantly alter the previously published figures.

The next releases for the euro area’s monthly balance of payments will occur on June 18, 2025, providing reference data up to April 2025 and the quarterly balance of payments on July 3, 2025, for the first quarter of 2025.