Spanish Trade Deficit Narrows in May

In May, Spain's trade deficit narrowed to €27.5 million from a deficit of €1.64 billion in April and of €1.93 billion in the same month a year earlier. This reduction is due to rising exports, up 7.3 percent yoy, mainly driven by increasing sales to countries outside the Euro Area.

In May, exports reached €20.89 billion, up from €20.40 in April. The rise in shipments was mainly due to increasing sales of textiles (+33.1 percent), automobiles (+14.6 percent), food (+9.2 percent) and equipment goods (+5.3 percent). In line with previous months, exports to non-Euro Area countries increased, by 9.1 percent yoy, and represented 37 percent of all sales in May.

Spain's trade surplus with the EU increased to € 2.19 billion from  €1.29 billion in May of 2012. With the Euro Area the trade surplus stood at € 1.34 billion. The trade balance with France ( €+962 million), Italy (€+218 million), United Kingdom (€+804 million) and Portugal (€+748 million) remained positive and the deficit with Germany fell by 6.7 percent to €-313.8 million.

In the period of January to May of 2013, the trade deficit was registered at €5.72 billion, a decrease of 64 percent compared with the first five months a year earlier. In the same period, shipments increased 7.4 percent while purchases were down 3.2 percent.

Spanish Trade Deficit Narrows in May

Nuno Fontes |
7/19/2013 10:36:15 AM