Spain’s March trade deficit soars 11-fold on oil, gas prices

MADRID (Reuters) – Spain’s trade deficit jumped 11-fold in March compared to the same month a year earlier to 4.64 billion euros ($4.86 billion) as a result of skyrocketing international oil and gas prices, the Industry Ministry said on Tuesday.

Imports rose 32% from the same month a year ago to 33 billion euros, while exports increased only 17% to 37.3 billion euros, the ministry said.

The energy imports bill in March doubled from a year earlier to 7.39 billion euros.

Like many other European countries, Spain is entirely dependent on imports for its oil and gas supplies, prices of which have been propelled to record highs by the fast post-COVID recovery and the Russian invasion of Ukraine.

($1 = 0.9553 euros)

(Reporting by Joao Manuel Mauricio in Gdansk, editing by Inti Landauro and Tomasz Janowski)