Spanish trade deficit higher than EU average

No matter how much work does the Spanish Government and the Finance Ministry put into the so called recovery, figures are not on their side. Recent official data shows a massive trade deficit.

The situation got even worse in February. Trade deficit almost reached a two decade low recorded last year. Just in February the Finance Ministry reported a 2.2 billion euro trade deficit increase. It is all due to fast increasing imports.

Spanish exports are doing well. Last year, exports from the fourth largest economy in Europe increased by almost five percent and peaked at 20 billion euros. It was by far better than what Spain recorded in 2012. However the imports rose even faster and surpassed 22 billions in the same period.

However, Spain is far away from the European Union average. EU figures released recently showed that exports from the EU zone surpassed imports by almost 14 billion euros in February and less than 10 in January.