Spain achieves monthly trade surplus

Brussels, May 16 (IANS/EFE) Spain achieved in March its first monthly trade surplus since records have been kept, the country's economy minister said here.

At a press conference after the meeting of European Union economy chiefs, Luis de Guindos said that once the calculations are complete, the surplus will come out to more than 600 million euros ($776.5 million).

The trade figure is a "sign supporting the improvement of the Spanish foreign sector", he said.

The foreign sector is the "fundamental source for the current and future recovery and the modification of the Spanish economy's performance model", De Guindos said.

Between January and March, Spain's exports grew about 4 percent, despite the deceleration of the Spanish, European and world economies, which - the minister said - "underlines the Spanish economy's gains in competitiveness".

De Guindos acknowledged that Spain is also importing less from abroad.

"Part of the fall in imports is not due to the fall in domestic demand, but basically because Spanish products are more competitive, not only in Spain but also in the world," the minister said.

--IANS/EFE

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