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Spain trade deficit rises 45.6 pct to March y/y

Source: Reuters - Tue 23rd May 2017
Spain trade deficit rises 45.6 pct to March y/y

Spain's trade deficit rose 45.6% in Q1 from a year earlier as imports rose 16.5%, outpacing exports, up 14.1% from a year earlier, mostly due to rising energy costs, the economy ministry said on Tuesday.

Imports were worth EU76.94 Bln while exports were worth EU69.74 EU - a quarterly record - in the months January to March, the ministry said.

Oil prices have risen more than 33% from the end of Q1 2016 to the end of March this year, weighing on the Spanish trade deficit as the country imports nearly all its energy needs.

Imports have also risen due to the consolidation of the economic recovery, the ministry said.

In March, the deficit was up 83.3% from a year earlier as imports rose 19.1% to EU27.68 Bln and exports were up 16.9% to EU26.23 Bln, the highest monthly figure to date.

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* Spain's finance ministry forecasts record tax collection in 2017

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