Spain Trade Deficit Pushed Down by 67% in July By Record Exports

Spain’s trade deficit from January to July went down 67,5% compared to the same period in 2012 thanks to record exports, for a total of 138,583 billion euros, up about 7% from the same period last year, according to data published on Friday by the economy ministry.

In July, exports such as chemicals products, iron and steel rose while imports of raw materials fell sharply, according to that official report.

Imports until July went down 3,1% to 145,194 billion euros.

Exports until July increased by 6,6% year-on-year while imports recorded a slight increase, up 0,9%. In the month of July alone, the trade deficit totalled 786,7 billion euros, 53,5% less compared to the same month in 2012.

The government is banking on exports to be an engine of recovery for Spain, which has been in recession for two years and is the eurozone’s fourth-biggest economy.

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