Spain: Exports accelerate in July
September 29, 2011
In July, exports rose 13.8% over the same month last year to EUR 18.6 billion. The increase was above the 10.8% rise observed in June and reflected resilient export growth of capital goods. Export growth is pivotal for supporting the Spanish economy, as domestic demand remains in the doldrums amid fiscal consolidation and rampant unemployment. Imports contracted 1.9% in July, contrasting the 4.6% expansion registered in June. The trade deficit narrowed from EUR 3.9 billion in June to EUR 1.6 billion in July, the lowest level since July 1998.