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Spain's March trade deficit soars 11-fold on oil, gas prices

Published 17/05/2022, 11:02
Updated 17/05/2022, 11:06
© Reuters. FILE PHOTO: A worker pumps petrol into a customer's car at a Cepsa petrol station in Cuevas del Becerro, near Malaga, Spain, April 28, 2022. REUTERS/Jon Nazca

MADRID (Reuters) - Spain's trade deficit jumped 11-fold in March compared to the same month a year earlier to 4.64 billion euros ($4.86 billion) as a result of skyrocketing international oil and gas prices, the Industry Ministry said on Tuesday.

Imports rose 32% from the same month a year ago to 33 billion euros, while exports increased only 17% to 37.3 billion euros, the ministry said.

The energy imports bill in March doubled from a year earlier to 7.39 billion euros.

Like many other European countries, Spain is entirely dependent on imports for its oil and gas supplies, prices of which have been propelled to record highs by the fast post-COVID recovery and the Russian invasion of Ukraine.

($1 = 0.9553 euros)

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