Spain: Exports remain robust
June 22, 2011
In April, exports rose a robust 18.6% over the same month last year to reach EUR 17.3 billion. The increase was above the already strong 18.0% rise in March, and reflected higher exports in virtually all sectors. In particular, food items and automobiles grew at a rapid pace. At the current juncture, exports are of vital importance to the Spanish economy, as they represent the only source of growth. Domestic demand struggles to recover amid fiscal consolidation and rampant unemployment. Meanwhile, imports expanded 8.6% in April, slower than the 15.7% increase registered in March. The trade deficit narrowed from EUR 4.6 billion in March to EUR 4.0 billion in April.