Spain’s Trade Deficit Narrowed in January as Exports Rose More Than Imports
Spain’s trade deficit narrowed substantially in January as exports increased at a higher rate than imports, with purchases from Germany and China falling sharply during the month.
The Spanish trade deficit–the difference between imports and exports–stood at 3.51 billion euros ($3.78 billion), a 22% decrease from the EUR4.49 billion registered the same month a year earlier, data from the Spanish Commerce Ministry showed Friday.
Exports rose 4.3% in January year-on-year in calendar and seasonally-adjusted terms to EUR23.14 billion. On a monthly basis, exports increased 2.1%. By category, energy exports and food and beverage goods contributed most to the rise.
Imports increased 0.4% in January compared with the same month a year earlier in calendar and seasonally-adjusted terms to EUR26.65 billion. Imports rose 2.2% compared to December.
Purchases from Germany and China, two of the main suppliers of Spain, decreased in January 8.6% and 2.2%, respectively. In China, the Lunar New Year halted production in the country as happens every year, but the shutdown was extended as the coronavirus outbreak in the country became evident during the month and containment measures were reinforced.
Source: Dow Jones