Spain’s trade gap narrows in June

MADRID: Spain's foreign trade deficit decreased in June from a year ago as imports fell faster than exports, preliminary data from the Economy Ministry showed on Monday. The trade deficit dropped to pound 0.71 billion (US$0.78 billion) in June from pound 2.35 billion in the corresponding month last year, dpa reported. In May, the shortfall was also pound 2.3 billion. Exports fell 3 percent year-over-year in June, reversing a 2.3 percent gain in the previous month. Imports declined 7.3 percent after remaining flat in the prior month. Shipments of non-chemical semi-manufactures decreased by 5.6 percent from last year, while those of energy products surged by 27.7 percent. On a monthly basis, exports were 5 percent lower in June, and imports showed a decline of 9.1 percent. During the second quarter, the total trade deficit of the country was pound 7.7 billion, down from pound 8.1 billion in the first quarter. Source: Emirates News Agency