Spain’s trade deficit narrows in June

Spain’s foreign trade deficit decreased significantly in June 2024, shrinking to €0.71 billion (US$0.78 billion) from €2.35 billion in the same month last year, according to preliminary data from the Economy Ministry.

This improvement comes as imports dropped 7.3 per cent year-over-year, outpacing a 3 per cent decline in exports. In May, the trade shortfall was €2.3 billion.

Key factors include a 5.6 per cent decrease in shipments of non-chemical semi-manufactures and a notable 27.7 per cent surge in energy product imports. On a monthly basis, June saw exports fall by 5 per cent, while imports declined by 9.1 per cent.

For the second quarter of 2024, Spain’s total trade deficit was €7.7 billion, down from €8.1 billion in the first quarter.

Attribution: WAM

Subediting: M. S. Salama