Trade gap widens

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Spain's trade deficit continued to widen last year but at the lowest rate in four years on a better performance by exporters, the Industry, Tourism and Trade Ministry said Wednesday.

21 February 2008

MADRID - Spain's trade deficit continued to widen last year but at the lowest rate in four years on a better performance by exporters, the Industry, Tourism and Trade Ministry said Wednesday.

The gap with Spain's trading partners increased 10.3 percent to EUR 98.952 billion, equivalent to 9.4 percent of the country's GDP. Exports rose 6.8 percent to EUR 181.478 billion, while imports climbed 8 percent to EUR 280.430 billion. The coverage rate of exports over imports dropped 0.2 points to 64.7 percent.

The Ministry highlighted the fact that no sector of the economy reported a drop in exports last year. One of the best-performing sectors was the non-chemical semi-finished sector, where shipments climbed 13.1 percent.

Exports of capital goods accounted for 21.6 percent of total shipments, and automobiles 18.2 percent.

[Copyright EL PAÍS 2008]

Subject: Spanish news

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