Financial News: Spain Trade Gap Narrows In June

Spain Trade Gap Narrows In June

08/19/2024 - 05:13:00 (RTTNews)

(RTTNews) - Spain's foreign trade deficit decreased in June from a year ago as imports fell faster than exports, preliminary data from the Economy Ministry showed on Monday.

The trade deficit dropped to EUR 0.71 billion in June from EUR 2.35 billion in the corresponding month last year. In May, the shortfall was also EUR 2.3 billion.

Exports fell 3.0 percent year-over-year in June, reversing a 2.3 percent gain in the prior month. Imports declined 7.3 percent after remaining flat in the prior month.

Shipments of non-chemical semi-manufactures decreased by 5.6 percent from last year, while those of energy products surged by 27.7 percent.

On a monthly basis, exports were 5.0 percent lower in June, and imports showed a decline of 9.1 percent.

During the second quarter, the total trade deficit of the country was EUR 7.7 billion, down from EUR 8.1 billion in the March quarter.

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