Spain Trade Deficit Widens in March

Spanish trade gap increase to € 2.05 billion in March of 2014 from a € 1.6 billion deficit in the previous month, as rising exports were not enough to offset a strong pick up in imports. A year earlier, the country posted a € 0.64 billion surplus.

Exports rose 1.7 percent year-on-year to € 20.6 billion, boosted by auto shipments and sales of food, drinks, tobacco and energy products. Exports to the European Union and the Euro Area advanced 11.3 percent and 11.4 percent, respectively, mainly due to higher sales to France (8.5 percent), Germany (10 percent), Portugal (21.3 percent) and the United Kingdom (17.4 percent). Outside Europe, exports to Indonesia surged 189.8 percent, those to South Korea increased 43.4 percent and sales to Japan rose 34.4 percent. 

Imports rose 15.4 percent year-on-year to € 22.6 billion in March, boosted by higher non-energy purchases. 

On a monthly basis, exports increased 6.7 percent while imports rose at a faster 8.3 percent. 

Considering the first three months of 2014, sales increased 3.2 percent yoy to € 58.4 billion and imports grew 7 percent to € 64.8 billion. As a result, the country’s trade gap widened 60 percent to € 6.49 billion.

Spain Trade Deficit Widens in March

Joana Taborda |
5/19/2014 10:45:17 AM