Spanish Trade Deficit Narrows to 11-Month Low

Spanish trade gap widened for the fifth straight month to € 1.47 billion in June of 2014 from a € 0.11 billion shortfall a year earlier as import surged and exports declined.

Year-on-year, exports fell 1.2 percent to € 20.6 billion in June of 2014, hurt by a 20.3 percent fall in commodity sales and a 47.1 percent drop in aircraft shipments. Base effects also accounted for the exports’ withdrawal as June 2013 was an exceptional month with sales reaching the highest value on record. 

While shipments to the European Union, which account for around 70 percent of total exports, shrank 2.9 percent, sales to the United States surged 18.3 percent, those to Canada jumped by 55.1 percent, Japan 36.6 percent, China 16.3 percent and Morocco 21.2 percent. 

Imports rose 5.35 percent to € 22.08 billion in June of 2014. 

Considering the first six months of 2014, exports rose 0.5 percent year-on-year while imports increased 5.3 percent. As a result, the country’s trade deficit reached € 11.89 billion. 

Spanish Trade Deficit Narrows to 11-Month Low

Joana Taborda |
8/18/2014 12:57:04 PM