Spain's trade deficit surges 6-fold in first half

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Spain's trade deficit surges 6-fold in first half

Tourists take pictures on a beach in front of containers in a port in Malaga.

The Industry Ministry said that Spain's trade deficit increased by nearly six-fold in the first six months of the year from the same period a year ago to 32 billion euros $32.6 billion.

The outcome was larger than the deficit for the whole of 2021 and compared to a 5.4 billion euro deficit in the first six months a year ago, the ministry said in its monthly report.

The trade deficit in the period was 6.1 billion euros, which was excluding energy imports and exports.

Imports increased by 41% year-on-year to 223 billion euros, boosted by oil and gas, while exports increased by 25% to 191 billion euros, the ministry said.

Like many other European countries, Spain is dependent on imports for its oil and gas supplies, and prices have gone up after Russia has invaded Ukraine.

Spain has pledged to reduce gas consumption by 7% with European Union partners, mainly by reducing demand for electricity from gas-fired power plants.

There were restrictions on companies' electricity use last week, including restrictions on air conditioning and nightlights, imposed by the government last week.

Spain is looking to establish a gas pipeline connecting the Iberian Peninsula with central Europe to be able to pump part of the gas it imports from countries other than Russia to the rest of Europe.