The eurozone’s current account surplus narrowed to €12.6 billion in November 2025, down sharply from €27.1 billion a year earlier, reflecting weaker trade and income balances. The goods surplus fell to €27.1 billion from €33.0 billion, as exports declined by 2.8% while imports edged down by a more modest 0.4%. The services surplus also contracted, easing to €4.4 billion from €6.0 billion. Meanwhile, the primary income account swung into a €3.4 billion deficit, reversing a €4.9 billion surplus recorded in the same period last year. Partially offsetting these pressures, the secondary income deficit narrowed to €15.5 billion from €16.8 billion. From January to November 2025, the eurozone’s current account surplus narrowed to €226.2 billion, down significantly from €366.4 billion over the same period in 2024.

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