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UPDATE 1-Spain's January trade deficit narrows 39% year-on-year

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Breaks down data) MADRID, March 16 (Reuters) - Spain's trade deficit narrowed 39% in January compared to a year earlier to 3.96 billion euros ($4.20 billion), helped by exports of refined oil products and re-export of crude and gas, the industry ministry said on Thursday.


Like many other European countries, Spain is entirely dependent on imports for its oil and gas supplies, and prices have soared following Russia's invasion of Ukraine. But its refineries export part of their production and its Liquefied Natural Gas terminals re-export gas in the region.


The January deficit compares with a deficit of 6.52 billion euros in the first month of 2022, the ministry said in its monthly report.


Imports rose 5.3% to 34.88 billion euros, while exports increased 16% to 30.92 billion euros.


Exports of energy products jumped 41% year-on-year and exports of chemicals rose 21%, the ministry added.


($1 = 0.9426 euros) (Reporting by Jakub Olesiuk, editing by Inti Landauro and Toby Chopra)

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