Fin24

Spain cuts official trade deficit

2012-08-16 16:33

Madrid - Spain further reduced its trade deficit in June compared to a year earlier, official data showed on Thursday, a rare advance in its efforts to strengthen its recession-hit economy.

The trade deficit was reduced by 31.2% compared to June 2011, to €2.7bn, the economy ministry said.

Imports fell 1.4% to €21.568bn while exports rose by 5.1% to €18.868bn, the ministry said in a statement. Food exports rose but so did energy imports.

Exports are the only counterweight to a recession that is expected to continue next year amid austere measures to correct the public finances and restructure the economy.

The ministry's previous figures showed that the trade deficit fell by 43.5% in May.

Over the first six months of this year the trade deficit fell by 22.5% to €18.641bn on a 12-month comparison, Thursday's figures showed.

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