Ministry of Industry reports growth of Spanish exports

 

The Spanish Ministry for Industry today reported how exports rose by 17.4% compared to the previous year to date, reaching 185.80 billion Euros, a recovery from the 15.5% drop reported on the same period in 2009. This was explained as being due to an increase in demand in exports to Latin America and Asian countries.

The ministry released a statement to the press saying how the export sector is growing in importance as an engine for recovery after the collapse of the country's real-estate sector, which saw a rapid fall in consumption amid rising unemployment.

Similarly, Imports grew 14.2% last year, reaching 238.08 billion Euros, widening the country's trade deficit by 4.2% during the same comparative period to 52.28 billion Euros, due largely to higher prices for energy-related imports.

The growth of exports last year was supported by increased sales of equipment, vehicles and auto parts, the ministry added.