Madrid, Oct 23 (EFE) Spain’s trade deficit plunged 52.4 percent during the first eight months of this year, compared to the same period in 2008, authorities said.
The trade deficit totalled 31.91 billion euros (about $48 billion) due mainly to a steep drop in imports amid one of the worst economic slumps in the country’s history.

Imports totalled 133.65 billion euros during the January-August period, down 31.1 percent from the same period last year, while exports came in at 101.73 billion euros, off 19.8 percent from the comparable period in 2008, said the industry, tourism and trade ministry.

Spain’s trade deficit has fallen for 13 consecutive months.

The Spanish economy is currently living through its first recession since 1993, with the construction and service sectors having been especially battered by the global financial crisis.

Spain has the highest unemployment rate in the European Union, according to figures released recently by Eurostat, the EU’s statistics agency, putting a damper on consumer spending and imports.

More than 3.7 million Spaniards are currently unemployed, the labour and immigration ministry said in a report earlier this month.