FX.co ★ Spain Trade Gap Narrows To EUR 3.96 Bln

Spain's foreign trade deficit decreased notably in January from a year ago, as exports grew more rapidly than imports, preliminary data from the Economy Ministry showed on Thursday.

The trade deficit dropped to EUR 3.96 billion in January from EUR 6.52 billion in the corresponding month last year.

Data showed that the energy deficit also narrowed to EUR 2.58 billion from EUR 3.36 billion a year ago.

Exports climbed 16.2 percent year-over-year in January to EUR 30.92 billion. Imports grew at a comparatively slower rate of 5.3 percent to EUR 34.87 billion.

Chemical exports alone surged 20.8 percent over the year, and those of capital goods advanced by 18.6 percent.

On a monthly basis, both exports and imports declined by 3.7 percent and 4.7 percent, respectively, at the start of the year.