The current account balance, a key measure of economic competitiveness, showed a deficit of 1.285 billion euros ($1.65 billion) from 2.237 billion euros in the same month last year.
Falling imports due to the country's deep economic contraction and cost-competitiveness gains are narrowing the gap, which is expected to shrink to 2.8 percent of GDP this year from 5.3 percent in 2012, based on EU Commission forecasts.
Tourism receipts, the country's biggest money earner, dropped 14 percent year-on-year to 137 million euros in March.