Spain Trade Gap Widens In June

(RTTNews) - Spain's foreign trade deficit increased notably in June 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 7.7 billion in June from EUR 3.6 billion in the corresponding month last year. In May, the shortfall was EUR 8.2 billion.

Exports climbed 5.3 percent year-over-year in June, reversing a 0.9 percent fall in the prior month. At the same time, the annual growth in imports quickened to 15.7 percent from 14.4 percent.

The country imported 43.8 percent more energy products, and the inflows of capital goods grew 18.2 percent from a year earlier. The growth in exports of energy products also remained high at 49.9 percent, while the shipments of food, beverages, and tobacco dropped 1.6 percent.

During the second quarter, the trade balance showed a shortfall of EUR 21.1 billion, up from EUR 11.7 billion in the first quarter.