Spain's trade deficit narrows in October amid strong export growth
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Spain recorded a trade deficit of EUR 3.9 billion in October 2024, significantly narrowing from EUR 5.1 billion in the same month of the previous year, reflecting stronger foreign demand for Spanish goods.
Spain's trade deficit narrows in October amid strong export growth Exports saw a notable increase of 9.3% compared to last year, reaching EUR 35.3 billion. Key sectors driving this growth included chemical products, which rose by 14.7%, capital goods, which grew by 8.1%, and food, beverages, and tobacco, which saw a 15.2% increase. Consumer goods also performed well, with exports climbing by 12.9%. Meanwhile, imports rose more modestly by 4.8% to EUR 39.2 billion. The rise in imports was mainly driven by increased demand for auto parts (up 12.5%) and capital goods (up 6.5%).
Spain's trade deficit narrows in October amid strong export growth Exports saw a notable increase of 9.3% compared to last year, reaching EUR 35.3 billion. Key sectors driving this growth included chemical products, which rose by 14.7%, capital goods, which grew by 8.1%, and food, beverages, and tobacco, which saw a 15.2% increase. Consumer goods also performed well, with exports climbing by 12.9%. Meanwhile, imports rose more modestly by 4.8% to EUR 39.2 billion. The rise in imports was mainly driven by increased demand for auto parts (up 12.5%) and capital goods (up 6.5%).