- Spain’s trade deficit in June 2024 dropped to its lowest level in over a year.
- Imports decreased by 7.3% year-on-year to EUR 33.7 billion.
- Exports fell by 3% year-on-year to EUR 33 billion.
- The trade deficit for the second quarter of 2024 narrowed to EUR 7.7 billion.
- June’s trade deficit was EUR 710 million, down from EUR 2.35 billion in June 2023.
Madrid, August 19 (FFN) – Spain’s foreign trade deficit narrowed significantly in June 2024, reaching its lowest level in over a year as imports declined more sharply than exports, according to data released by the Ministry of Trade on Monday. The report, shared by DPA, highlights positive developments for the Eurozone’s fourth-largest economy.
According to the latest statistics, Spain’s trade deficit dropped to EUR 710 million in June 2024 from EUR 2.35 billion in the same month of 2023. This figure is also lower than the EUR 2.3 billion recorded in May 2024. The June deficit marks the lowest level since March 2023.
Imports decreased by 7.3% year-on-year to EUR 33.7 billion in June 2024, following stagnation in the previous month. Meanwhile, exports also fell year-on-year, but less sharply, by 3% to EUR 33 billion after a 2.3% increase in May.
In a month-to-month comparison, exports in June declined by 5%, while imports fell by 9.1%. For the entire second quarter of 2024, Spain’s trade deficit narrowed to EUR 7.7 billion from EUR 8.1 billion in the first three months of the year.
Key Data Points – Spain’s Trade Deficit Narrows in June
| Metric | June 2023 | May 2024 | June 2024 | Change YoY |
|---|---|---|---|---|
| Trade Deficit | EUR 2.35 billion | EUR 2.3 billion | EUR 710 million | -69.8% |
| Imports | EUR 36.4 billion | Stagnation | EUR 33.7 billion | -7.3% |
| Exports | EUR 34 billion | EUR 34 billion | EUR 33 billion | -3% |
