Rising imports boost Spain’s trade deficit

Rising imports boost Spain's trade deficit
File photo: PromoMadrid/Flickr
Spain's trade deficit jumped by more than a third in February compared to the almost 20-year low it hit a year earlier, official data released on Wednesday shows.

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.

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