Spain Trade Gap Widens In August

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

The trade deficit rose to EUR 7.81 billion in August from EUR 5.98 billion in the corresponding month last year. In July, the shortfall was EUR 5.22 billion.

Exports climbed 13.3 percent year-over-year in August, faster than the 3.0 percent growth in the prior month. The annual growth in imports quickened to 16.7 percent from 5.9 percent.

The country exported 79.3 percent more energy products, while exports of food, beverages, and tobacco declined 1.2 percent. On the other side, imports of raw material grew 38.3 percent.