FX.co ★ Spain Trade Gap Narrows In September

Spain experienced a reduction in its foreign trade deficit in September compared to the previous year, primarily due to faster export growth relative to imports, according to preliminary data released by the Economy Ministry on Monday.

The trade deficit narrowed to €3.29 billion in September, down from €3.83 billion in the same month the previous year. In August, the trade gap had been recorded at €4.76 billion.

In September, exports increased by 1.9% year-over-year, following a 2.5% rise in August. Meanwhile, imports showed a marginal growth of only 0.1%, significantly slower than the 3.2% increase observed in the preceding month.

On a month-to-month comparison, exports and imports experienced significant growth, rising by 17.7% and 10.4%, respectively.

For the third quarter, Spain's total trade deficit amounted to €11.27 billion, compared to €7.71 billion in the second quarter.