Spain is making money – Country’s first trade surplus since 1971

MAKING WEALTH: Workers at Seat’s Martorell factory helped Spain’s balance of payments.

FOR the first time since 1971 Spain exported more than it imported. A €634.9 million trade surplus was reported in March, bringing a 62 per cent reduction to the negative balance for 2013’s first quarter.

“This is good news,” pronounced Jaime Garcia-Legaz, junior Commerce minister, with satisfaction. The €20.288 billion earned in exports last March was 2 per cent more than during the same month in 2013. 

As exports rose, imports fell by 15 per cent to €19.653 billion. The value of exports had actually increased by 5.5 per cent, the minister said, since export prices fell by 3.4 per cent.  

Europe currently takes 65 per cent of Spain’s foreign trade, but exports outside the EU grew by almost 21 per cent in March to €8.414 billion. Principal exports were heavy equipment and other capital goods, food, chemicals, cars, vehicles and semi-manufactured goods.

Spain is now the world’s eighth-most important exporter of food and agricultural produce. The export boom is expected to continue.  “We are convinced that the next months are going to be very positive,” declared Garcia-Legaz.

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