Spain posts smallest trade deficit since March 2023

Spain’s trade gap in February has been the smallest since March 2023, the latest data showed.

The nation’s trade balance shortfall was reported at EUR 2.4 billion in February, compared to a deficit of EUR 2.5 billion in the same month of 2023.

The country records consistent trade deficits because of high imports of fuel and high added value goods.

In February, Spain’s total imports shrank 3.1% year-on-year to EUR 34.2 billion, mostly due to lower purchases of raw materials (-20.9% YoY), energy products (-19.8% YoY) and chemical products (-9.5% YoY).

Meanwhile, total exports dropped 3% year-on-year to EUR 31.8 billion, as they mostly reflected lower shipments of chemical products (-24% YoY), energy products (-17.5% YoY) and non-chemical semi-manufactured goods (-7.9% YoY).

The EUR/USD currency pair settled 0.08% higher at 1.0652 on Friday. For the week, the major currency pair advanced 0.13%, following a 1.82% loss in the prior week.