The EU’s current account balance posted a surplus of €116.5 billion (around $138.45 billion) in the first quarter of the year, the bloc’s statistical office reported on Monday.

According to Eurostat, the figure was 3.4% of the 27-member bloc’s gross domestic product (GDP) in January-March, versus 2% in the same period last year.

The bloc’s current account surplus jumped 67% year-on-year, it said.

The surplus of the goods account fell to €99.2 billion from €108.7 billion in the previous quarter, as did the services surplus from €39.9 billion to €33.1 billion.

In terms of sub-categories, Eurostat said the goods account and services amounted to €108.7 billion and €39.9 billion, respectively.

The EU registered external current account surpluses with the UK (€53.3 billion), the US (€29.4 billion) and Switzerland (€21.7 billion), while deficits were posted with China (€26.7 billion), Russia (€4.3 billion), Japan (€3.4 billion) and offshore financial centers (€3.3 billion).

Among member states, Germany recorded the greatest surplus in the first quarter with €66.5 billion. France had the largest deficit at €11 billion.

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