Soaring global oil and gas prices caused Spain's trade deficit to triple in January from the same month last year to EUR 6.12 billion, the industry ministry said, the biggest gap since December 2008, Reuters reported.

Imports rose 42% in January compared to the same month last year, outpacing exports by 25%, according to the ministry.

As a result of higher gas and oil prices, the value of energy imports in January more than doubled compared to the same month in 2021 to 5.58 billion euros, while energy import volumes increased by only 12%.

According to Refinitiv, the monthly deficit was the largest since December 2008, when the trade deficit reached EUR 6.93 billion.