Spanish trade deficit dropsAugust 17th, 2012 - 1:03 pm ICT by IANS
Madrid, Aug 17 (IANS) Spain’s trade deficit fell 22.5 percent in the first six months of 2012, reaching 18.64 billion euros ($22.92 billion), authorities said.
Exports increased by 3.4 percent annually while imports fell by 1.4 percent, the Spanish ministry of economy and competitiveness said Thursday.
All economic sectors were affected by this increase in exports except the car industry, which has experienced a drop of 9.9 percent, reported Xinhua.
Exports to the eurozone and European Union (EU) decreased, though exports increased in annual terms to Africa (26.9 percent) and Asia (18.1 percent). There was also a 10.3 percent increase in exports to China.
Energy-related imports rose by 13.9 percent. Specifically, there has been an 11.8 percent increase in oil purchases and an increase of 20.6 percent in gas purchases.
Imports from the EU have fallen along with imports from the eurozone.
Imports from Asia have declined 7.2 percent (5.2 percent from China) and imports from the US also declined by 3.7 percent.
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Tags: africa, asia, authorities, car industry, china energy, competitiveness, economic sectors, economy, european union, eurozone, gas purchases, madrid, oil purchases, six months, spain, spanish ministry, spanish trade, trade deficit, xinhua