Spain books trade surplus in May as exports surge

Spain posted a merchandise trade surplus for only the second time on record in May as the export sector continued to thrive and imports remained weak because of low demand from consumers and companies as a result of the ongoing recession.

According to figures released Wednesday by the Bank of Spain, the surplus in May stood at 704.6 million euros, compared with a shortfall a year earlier of 1.424 billion euros. Exports grew 9.9 percent from the same month a year earlier to 21.856 billion euros. By contrast, imports declined 0.8 percent to 21.150 billion euros.

The bank said the surplus was a result of a good performance by the non-energy sectors of the economy, although it also noted an improvement in the energy sector.

As a result of the trade sector, the country also booked a current account surplus of 2.400 billion euros in the month, compared with a deficit of 625.0 million a year earlier. The current account measures the balance of goods, services and transfers exchanged with the rest of the world.

The surplus in the services sector widened to 3.512 billion euros from 2.899 billion a year earlier. The surplus in the key tourist sector increased to 3.084 billion euros from 2.888 billion in May 2012. The surplus in other sectors also widened to 428.1 million from 11.5 million a year earlier.