Financial News: Spain Trade Gap Narrows Sharply On Exports Surge

Spain Trade Gap Narrows Sharply On Exports Surge

05/18/2023 - 08:19:00 (RTTNews)

(RTTNews) - Spain's foreign trade deficit decreased notably in March from a year ago as exports grew more rapidly than imports, preliminary data from the Economy Ministry showed on Thursday.

The trade deficit dropped to EUR 0.16 billion in March from EUR 4.64 billion in the corresponding month last year. In February, there was a shortfall of EUR 2.46 billion.

Data showed that the energy deficit also narrowed to EUR 2.32 billion from EUR 4.07 billion a year ago.

Exports logged double-digit growth of 17.7 percent year-over-year in March to EUR 38.93 billion. Imports grew at a comparatively slower rate of 3.6 percent to EUR 39.0 billion.

Shipments of capital goods grew 27.2 percent over the year, and those of chemicals advanced by 11.4 percent.

On a monthly basis, exports rose only 0.1 percent in March, while imports declined by 6.8 percent.

During the first quarter, the total trade deficit of the country decreased to EUR 6.6 billion in March from EUR 15.4 billion in the corresponding period a year ago, driven mostly by a 14.6 percent increase in exports.

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