The trade deficit in Spain fell by approximately 40% in August which was better than the gap seen in August of 2008, with imports beginning to match up with exports once again, according to the Industry Minister.

In August the imports fell by about 25% to 14.5b euro which matched up fairly well with falling exports which fell by about 17% to 10b euro, leaving the trade deficit at about 4.5b euro.

The value of Spanish imports has fallen dramatically due to the decrease in public consumption caused by the recession, and the loss of the easy credit buying environment.