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Financial News: Spain Trade Balance Logs Deficit In May

Spain Trade Balance Logs Deficit In May

07/18/2022 - 06:25:00 (RTTNews)

(RTTNews) - Spain's foreign trade balance showed a deficit in May versus a surplus in the previous year, as imports grew much faster than exports, preliminary data from the Economy Ministry showed on Monday.

The trade balance turned to a shortfall of EUR 4.759 billion in May from a surplus of EUR 140.1 million in the corresponding month last year.

However, the deficit narrowed from EUR 6.394 billion in April.

Exports surged 28.8 percent year-over-year in May to EUR 35.04 billion, which was an all-time record high for any month.

The main positive contributions to the annual variation rate of exports came from the chemical products, energy products, non-chemical semi -manufactured products and food, beverages and tobacco sectors.

Imports grew at a much faster rate of 47.1 percent to a record high of EUR 39.80 billion.

On a monthly basis, both exports and imports rose by 11.9 percent and 5.6 percent, respectively, in May.

During January to May, the total trade deficit of the country stood at EUR 26.57 billion versus a shortfall of EUR 4.42 billion in the same period last year.

"The rise in the price of products due to the rise in energy continues to be the main cause of the increase in the trade deficit due to a less favorable global environment," Xiana Méndez, secretary of state for trade at the Spanish Ministry of Industry, Trade and Tourism, said.

"However, if we discount price increases, the evolution in volume of exports and imports is also very favourable."

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