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Financial News: Spain Trade Gap Narrows In May

Spain Trade Gap Narrows In May

07/19/2024 - 05:09:00 (RTTNews)

(RTTNews) - Spain's foreign trade deficit decreased in May from a year ago as exports rose amid a stagnation in imports, preliminary data from the Economy Ministry showed on Friday.

The trade deficit dropped to EUR 2.3 billion in May from EUR 3.1 billion in the corresponding month last year. In April, the shortfall was EUR 4.7 billion.

Exports climbed 2.3 percent year-over-year in May, though much slower than the 15.8 percent surge in the prior month. At the same time, imports remained flat after rising 14.6 percent in April.

Shipments of energy products grew the most by 35.9 percent from last year, followed by raw materials, which surged 13.1 percent.

On a monthly basis, exports rose 2.1 percent in May, while imports were 4.1 percent lower.

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