Spain’s Trade Deficit at $6b

Spain’s trade deficit stood at €5.74 billion ($6.14 billion) up to February this year, rising by 38.4% when compared with the same period last year, the Spanish Ministry of Economy reported. Exports rose by 12.6% year-on-year to €43.51 billion, while imports increased by 15.1% to €49.26 billion, the ministry said, according to Xinhua. Exports rose in Spain more than the eurozone average, which stood at 8%, and the European Union’s average, which stood at 7.9%. Regarding sectors, exports of capital goods rose by 7.5%, those of food, drinks and tobacco rose by 13.3%, and exports related to the automobile industry rose by 7.2%. On the other hand, imports of capital goods rose by 13.9% up to February, those of energy products increased by 81.5%, while those of the automobile sector went up by 2.7%. The government’s economic growth forecast will be revised up from 2.5% to 2.7% of gross domestic product growth at a cabinet meeting next week.