Spain Trade Gap Widens In August

(RTTNews) - Spain's foreign trade deficit increased in August from a year ago as exports fell faster than imports, preliminary data from the Economy Ministry showed on Thursday.

The trade deficit rose to EUR 6.0 billion in August from EUR 4.8 billion in the corresponding month last year. In July, the shortfall was EUR 4.0 billion.

Exports plunged 9.3 percent year-over-year in August, reversing a 2.5 percent rebound in the prior month. Imports fell 4.0 percent after rising 3.2 percent in the prior month.

Data showed that outflows of energy products alone tumbled 29.3 percent from last year, and the country exported 14.7 percent less raw materials during August.

On a monthly basis, exports were 29.3 percent lower in August, and imports also showed a sharp decline of 21.1 percent.