Spain experienced a reduction in its foreign trade deficit in May compared to the previous year, thanks to a rise in exports coupled with stagnant import levels, according to preliminary data released by the Economy Ministry on Friday.The trade deficit decreased to EUR 2.3 billion in May from EUR 3.1 billion in the same month last year. In April, the deficit was significantly higher at EUR 4.7 billion.Exports in May increased by 2.3 percent year-over-year, though this was a slower pace compared to the substantial 15.8 percent growth observed in the previous month. Conversely, imports showed no change after a notable 14.6 percent increase in April.Energy product shipments saw the highest growth at 35.9 percent compared to the previous year, followed by raw materials, which experienced a 13.1 percent rise.Month-on-month, exports rose by 2.1 percent in May, whereas imports declined by 4.1 percent.The material has been provided by InstaForex Company – www.instaforex.com
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