Current account balance remains high

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In the first quarter of 2025, the current account balance of the Dutch economy was 9.9% of GDP, almost the same as the corresponding period last year. Despite rising geopolitical tensions, imports and exports of goods and services increased. A slight increase in the surplus in goods trade was offset by lower interest receipts from abroad.

Published: 24 June 2025

Opgestapelde containers wachten op transport in de Eemhaven.

© ANP

Source: DNB statistics

At De Nederlandsche Bank, we independently compile statistics on the Dutch financial sector and economy. This article is based on these statistics. More information on our statistics and all dashboards can be found on our Statistics homepage.

Goods trade surplus rises slightly due to more exports

The Netherlands both exported and imported more goods and services in the first quarter, compared to the same quarter a year earlier.

Exports of goods grew by €8.4 billion, while imports rose by €4.4 billion. The goods balance therefore increased by €4.0 billion. The growth in exports and imports occurred both within and outside the euro area. Exports increased due to various factors, including price increases of food and beverages and more output of chemicals and pharmaceuticals and machinery.

Both imports and exports of services increased by almost €5 billion, leaving the services balance roughly unchanged.

The current account records imports and exports of goods and services, as well as cross-border income flows such as wages, dividends and interest. It is part of the balance of payments, which reflects all transactions between the Netherlands and foreign countries in a given period, and thus provides an impression of the economic situation in the Netherlands. The current account balance is one of the Macroeconomic Imbalance Procedure (MIP) indicators. The MIP is a set of European Union regulations designed to prevent and correct risky macroeconomic developments within EU Member States. A current account surplus in excess of 6% or a deficit above 4% may trigger further reviews. For more information, see also our Balance of Payments dashboard. 

Income flows slightly negative due to interest rate balance

While the Netherlands earned more from exports of goods in the first quarter, we received less net income from assets abroad. This is reflected in the primary income balance, which was slightly negative in the first quarter of 2025 (-€0.7 billion) and €2.6 billion lower than in the first quarter of 2024, due in part to lower interest rates.

On balance, the Netherlands received €2.1 billion less in interest from abroad on balance, as interest receipts were € 3.5 billion less and payments € 1.4 billion less. 

Downward revision of current account for previous years

 With the publication of the figures for the first quarter of 2025, figures from previous years have also been revised. Based on newly available information, the current account balance for the 2024 reporting year has been revised from 9.9% of GDP to 9.1% of GDP. The current account balance for 2023 has been revised to 9.4% of GDP (9.9% of GDP in the previous calculation). Both revisions are mainly due to adjustments in the trade balance. Some older years have also been revised. The adjustments made are consistent with revised figures published by Statistics Netherlands.

More information

Table 12.1: Balance of payments (Quarter)

Table 12.5: Primary income account (Quarter)

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