Spain Posts First Trade Surplus on Record in March

 

Spain posted its first monthly trade surplus on record in March, underscoring the country's improved competitiveness, Economy Minister Luis de Guindos said.

The euro area's 4th-biggest economy had a trade surplus of "a little over" €600 million, Guindos told reporters in Brussels after a meeting of EU finance ministers. The government is scheduled to report the March trade balance on May 20. The February deficit was €1.2 billion.

"Spain had never had, since records began, a monthly trade surplus," Guindos said. "This shows how exports have improved and that they are the main driver of Spain's recovery and of the economy's transformation."

Growing investor confidence in Spain was underscored by the sale of €7 billion of 10-year bonds, which attracted bids exceeding €21 billion, the Spaniard said.