Spain's trade deficit stands at 5.74 bln euros up to February 2017

0 Comment(s)Print E-mail Xinhua, April 21, 2017
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Spain's trade deficit stood at 5.74 billion euros (6.14 billion U.S. dollars) up to February this year, rising by 38.4 percent when compared with the same period last year, the Spanish ministry of economy reported on Friday.

Exports rose by 12.6 percent year-on-year to 43.51 billion euros, while imports increased by 15.1 percent to 49.26 billion euros, the ministry said.

Exports rose in Spain more than the eurozone average, which stood at 8.0 percent, and the European Union's (EU) average, which stood at 7.9 percent.

Regarding sectors, exports of capital goods rose by 7.5 percent, those of food, drinks and tobacco rose by 13.3 percent, and exports related to the automobile industry rose by 7.2 percent.

On the other hand, imports of capital goods rose by 13.9 percent up to February, those of energy products increased by 81.5 percent, while those of the automobile sector went up by 2.7 percent.

The ministry said that the rise in imports showed the consolidation of the country's economic recovery.

The government's economic growth forecast will be revised up from 2.5 percent to 2.7 percent of gross domestic product (GDP) growth at a Cabinet meeting next week. (1 euro = 1.07 U.S. dollars) Endit

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