FRANKFURT (AFX) - The euro zone current account surplus was 2.8 bln eur in November 2001 compared with a deficit of 6.5 bln a year earlier, the European Central Bank said. The ECB said the move into surplus was mainly due to a shift to a goods surplus of 9.3 bln eur from a deficit of 0.5 bln, combined with a shift in the income account to a surplus of 0.4 bln eur from a deficit of 0.8 bln. These developments were partially offset by an increase in the services deficit to 1.9 bln eur from 0.1 bln, while the deficit for current transfers remained virtually unchanged as compared with November 2000. Seasonally adjusted data show that the goods surplus continued to increase in late 2001, owing primarily to a decline in import values as a result of a fall in oil prices at the year-end, while export values remained fairly flat over the same period, largely as a result of weak foreign demand, it said. Although exports of goods declined marginally in November, imports fell by a larger amount as economic activity in the euro zone remained subdued and oil prices declined substantially in October and November. Exports of services have also been on a downward trend in recent months, while imports picked up in November compared with October. In the financial account, combined direct and portfolio investment recorded net inflows of 19.3 bln eur due to net inflows in direct investment of 7.8 bln eur, and portfolio investment of 11.5 bln eur. Net inflows in direct investment resulted from net inflows in both equity capital and reinvested earnings of 5.2 bln eur, as well as from net inflows in other capital, mostly inter-company loans of 2.6 bln eur. Within portfolio investment, equity portfolio investment continued the trend seen since May 2001, registering net inflows of 9.9 bln eur. Debt instruments registered net inflows of 1.6 bln eur, reflecting net inflows of 17.6 bln eur in bonds and notes and net outflows of 16.0 bln eur in money market instruments. Regarding money market instruments, investment by euro zone residents in foreign securities totalled 11.2 bln eur -- the highest net outflow recorded in the euro zone so far -- while non-residents were net sellers of securities issued by euro zone residents, totalling 4.9 bln eur. For the first 11 months of 2001 to end-November, the current account deficit dropped to 12.2 bln eur from 61.9 bln in the same period last year. This decline reflected an increase of 53.4 bln eur in the cumulative goods surplus along with a shift in the services item to a surplus of 2.6 bln eur from a deficit of 2.5 bln eur. This was partially offset by an increase of 10.1 bln eur in the income deficit to 36.5 bln eur from 26.4 bln. Deficit for current transfers fell slightly to 42 bln eur from 43.3 bln. The rising cumulative goods surplus is explained by the fact that the value of exports grew faster than that of imports, the ECB said.