Spain Trade Gap Narrows In March

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

The trade deficit dropped to EUR 4.4 billion in March from EUR 5.5 billion in the corresponding month last year. In February, there was a shortfall of EUR 3.3 billion.

Exports climbed 5.1 percent annually in March, and imports grew at a comparatively slower pace of 1.6 percent. The country exported 31.2 percent more raw materials, while imports in the automotive sector expanded by 8.4 percent from last year.

During the first quarter, the total trade deficit was 11.7 billion, up from EUR 15.1 billion in the corresponding period last year. Exports rose 0.7 percent annually, while imports dropped 2.5 percent.