With what countries does the EU have current account surpluses in 2025?

Valerie Charoux
Oct 7
3 min read

News EU Economy - With what countries does the EU have current account surpluses in Q2, 2025 and what are the countries with which the EU has current account deficits during the same period based on non-seasonally adjusted data?

1 - What is the EU Budget Surplus in Q2 2025?

The EU recorded a budget surplus of 81 billion euros (+1.7% of GDP) in Q2 2025, compared with a surplus of 113.8 billion euros (+2.5% of GDP) in Q1 2025 and a surplus of 120.8 billion euros (+2.7% of GDP) in Q2 2024, according seasonally adjusted current account data published by Eurostat on October 7^th, 2025.

2 - Ranking of countries with which the EU has current account surpluses in Q2, 2025:

1 – United Kingdom

The UK ranks No. 1 EU trade partner with which the EU has the highest current account surplus in Q2 2025, with a surplus of 69.5 billion euros.

2 – Switzerland

Switzerland ranks 2^nd EU trade partner with which the EU has a current account surplus in Q2 2025, with a surplus of 36.3 billion euros.

3 – Canada

Canada ranks 3^rd EU trade partner with which the EU has a current account surplus in Q2 2025, with a surplus of 10.9 billion euros.

4 – Hong Kong

Hong Kong ranks 4^th EU trade partner with which the EU has a current account surplus in Q2 2025, with a surplus of 9.4 billion euros.

5 – Brazil

Brazil ranks 5^th EU trade partner with which the EU has a current account surplus in Q2 2025, with a surplus of 7.7 billion euros.

6 - Offshore Financial Centres

Offshore Financial Centres rank 6^th EU trade partner with which the EU has a current account surplus in Q2 2025, with a surplus of 5.4 billion euros.

Offshore Financial Centres are an aggregate that includes 40 countries, including those of Liechtenstein, Guernsey, Jersey, the Isle of Man, Andorra, Gibraltar, Panama, Bermuda, the Bahamas, the Cayman Islands, British Virgin Islands, Bahrain, Hong Kong, Singapore and the Philippines.

7 – Japan

Japan ranks 7^th EU trade partner with which the EU has a current account surplus in Q2 2025, with a surplus of 1.1 billion euros.

8 – Russia

Russia ranks 8^th EU trade partner with which the EU has a current account surplus in Q2 2025, with a surplus of 1.1 billion euros.

3 - Ranking of countries with which the EU has current account deficits in Q2, 2025:

1 – China

China ranks No. 1 EU trade partner with which the EU has the highest current account deficit in Q2 2025, with a deficit of 47.3 billion euros.

2 – The USA

The USA ranks 2^nd EU trade partner with which the EU has the highest current account deficit in Q2 2025, with a deficit of 13.1 billion euros.

3 – India

India ranks 3^rd EU trade partner with which the EU has the highest current account deficit in Q2 2025, with a deficit of 2 billion euros.