In October, Spain experienced a notable decrease in its foreign trade deficit compared to the same period last year, driven by a stronger growth rate in exports relative to imports. According to preliminary data released by the Economy Ministry on Thursday, the trade deficit fell to EUR 3.9 billion, down from EUR 5.1 billion in October of the previous year. For comparison, the deficit in September was recorded at EUR 3.29 billion.
Year over year, exports increased by 9.3% in October, a significant rise from the 1.9% growth observed in September. This surge was primarily led by consumer durables, which saw an impressive growth rate of 17.9%. Imports, on the other hand, increased by 4.8% compared to last year, following a marginal 0.1% growth in the preceding month.
On a monthly comparison, there was a robust increase in both exports and imports, which rose by 11.7% and 12.4%, respectively.
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