Figures from the Ministry of Industry, Trade and Tourism showed on Thursday that in March the trade deficit decreased by 2.3 billion euros, to 0.16 billion euros. The last value was the lowest since May 2021. Economists had expected a reduction in the deficit to 0.72 billion euros.
According to the report, the volume of exports increased by 17.7%, reaching a record high. Exports of automobiles increased by 54.6%, while exports of capital goods rose by 27.2%. Export growth was also recorded in the food, beverages and tobacco sector (+22.3%), as well as in the chemicals sector (+11.4%).
Meanwhile, the volume of imports increased by 3.6%, supported by growth in imports of vehicles (+50%), capital goods (+15.2%), and food, beverages and tobacco (+24.4%). Meanwhile, energy imports decreased significantly (-28%).
The data also showed that from the beginning of 2023 (to March), the trade deficit decreased by 57% per annum, to 6.58 billion euros. Imports during this period increased by 4.0%, to 109.26 billion euros, and exports rose by 15%, to 102.68 billion euros.