Spain Trade Gap Widens In July

(RTTNews) - Spain's foreign trade deficit increased notably in July from a year ago as imports grew much faster than exports, preliminary data from the Economy Ministry showed on Tuesday.

The trade deficit rose to EUR 5.2 billion in July from EUR 4.0 billion in the corresponding month last year. In June, the shortfall was EUR 7.7 billion.

Exports climbed 3.0 percent year-over-year in July, slower than the 5.3 percent growth in the prior month. The annual growth in imports eased to 5.9 percent from 15.7 percent.

Sector-specific import trends showed automotive imports rose 17.8 percent year-over-year, while raw material inflows climbed 24.0 percent from a year earlier. Energy product exports maintained strong momentum, expanding 60.8 percent, while chemical product shipments declined sharply by 17.4 percent compared with the year-ago period.