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Good News For Spain

By Maëlle Alquezar [caption id="attachment_4383" align="alignright" width="300"]Madrid Madrid[/caption] Spain has experienced its first positive trade balance in March since 1971, reaching 635 million euros. And its exports increased by 3.9% in the first quarter of 2013 compared to last year. According to the Spanish Ministry of Economy and Competitiveness, Jaime García-Legaz, the Spanish economy is reckoned to have broken its records in March, reaching its first positive trade balance since 1971. He said that three reasons explain its projection: the Spanish economy has become more competitive through lower labor costs and lower prices, exports have significantly increased and sales have been oriented towards new markets. Jaime García-Legaz also revealed that Spanish exports grew by an annual rate of 3.9% while those of the other EU countries decreased. Indeed, France, Germany and Italy’s exports declined by 3.4%, 1.5% and 0.7% respectively. The average EU drop rate was 1.5%. Recession within the EU forced Spain to export to other markets. While EU exports decreased by 3.2% in March – now representing 48.5% of the Spanish exports - demands increased in emerging markets such as Africa and Asia. This trend is particularly true for Middle East countries (Saudi Arabia and United Arab Emirates) where Spanish exports have experienced a growth of 4%. Due to a weak domestic demand, more and more companies are focusing on exports. During the first two months of this year, the number of export companies soared by 8.8% to 58,932. Among them, 32.500 export on a regular basis and experienced a 6.6% increase during these two months. Overall, a rise in exports is a sign that Spanish companies are becoming more competitive. Check out this related article: Spain: Unions Call for General Strike on November 14th 2012 Liked this blog? Then feel free to click on those buttons below to share it on Facebook, LinkedIn, etc. Want to comment? All you have to do is enter your comment, then your name and email into Disqus and press register. That’s it!

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