Rising imports boost Spain's trade deficit
AFP/The Local · 16 Apr 2014, 17:22
Published: 16 Apr 2014 17:22 GMT+02:00
- Record exports prop up Spain in 2013 (21 Feb 14)
Spain's economy ministry said the country's trade deficit — the shortfall of exports to imports in goods and services — grew by €1.6 billion (€2.2 billion) in February.
Spain's trade deficit fell by almost half to €15.9 billion euros last year as exports hit a record high due to Spanish firms pushing into new markets outside Europe.
Exports from the eurozone's fourth-largest economy increased by 4.9 percent to €19.3 billion from a year earlier in February, official data showed.
But its imports rose faster, growing by 6.9 percent to €20.9 billion over the same period.
Spain's results come after the European Union on Tuesday announced eurozone exports topped imports by €13.6 billion in February, against €9.8 billion in January.
The widening of this trade deficit came in the context of both rising imports and exports, the Wall Street Journal said, suggesting economic recovery in the EU.