Spain Posts First Trade Surplus on Record

http://www.bloomberg.com/news/2013-05-17/spain-posts-first-trade-surplus-on-record.html

Spain posted its first monthly trade surplus on record in March as imports slumped, after government budget cuts undermined domestic demand.

The country’s trade balance in March swung to a surplus of 634.9 million euros ($818 million) from a deficit of 1.18 billion euros in February and 3.2 billion euros a year earlier, data released today by the Trade Ministry show. That is the first surplus since records began in 1971, Deputy Trade Minister Jaime Garcia-Legaz said at a press conference in Madrid.