The country's current account balance turned to a surplus of EUR 1.76 billion from a deficit of EUR 161.5 million in the corresponding month last year.
The visible trade deficit increased to EUR 2.69 billion from EUR 2.47 billion last year, reflecting a larger decrease in exports compared to imports.
Meanwhile, the surplus in the services balance rose to EUR 437.1 million from EUR 289.2 million a year ago.
The primary income surplus narrowed to EUR 412.9 million from EUR 517.0 million last year.
The secondary income balance recorded a surplus of EUR 3.5 billion in January, a significant increase from EUR 1.5 billion.
At the beginning of the year, the capital account balance showed a shortfall of EUR 166.9 million, while the financial account surplus rose to EUR 2.0 billion.