Spain's trade deficit drops by 67.5%

The Spanish trade deficit plunged by 67.5 percent in the first seven months of this year thanks exports which rose to "a new historic high" of 138.58 billion euros, the Ministry of Economy and Competiveness said on Friday. Spain's trade deficit reached 6.61 billion euros (8.94 billion U.S. dollars) in the January-July period. In annual terms, the deficit decreased by 13.7 billion euros, from the 20.3 billion euros over the same period of 2012. Exports broke a record high as they increased by 7 percent in the first seven months of the year to 138.6 billion euros, the Ministry said. In particular, exports of equipment increased by 15.8 percent to 29.2 billion euros. Imports, meanwhile, fell by 3.1 percent to 145.2 billion euros, with energy products representing 23.5 percent of the total and decreasing by 5.6 percent. The Ministry emphasized the increasing role of non-EU markets as the recession-hit country rode a boom in exports. The Spanish government said Spain would start to grow by the end of 2013, pointing to the exports performances as a sign of recovery.