Spain urgently needs to cut imports-Industry Min

[Joanne98]

MADRID, Feb 1 (Reuters) - Spain urgently needs to cut its imports to correct its trade deficit, the country's industry minister wrote in an editorial published on Sunday.
"There is no other country in Europe with such a significant and urgent need to reduce its imports," Socialist Miguel Sebastian wrote in an article in right-of-centre daily La Razon.
Spain's current account deficit, a broad measure of Spain's commerce with the world, stood in November at 8.54 billion euros ($10.97 billion), lower than the 10.8 billion euro deficit recorded a year earlier but higher than October's 7.9 billion.
Sebastian reiterated his argument that Spaniards should buy Spanish products and services to help their country fight its way out of recession.
He said buying Spanish would reduce the country's imports and help correct its trade deficit without sacrificing jobs.
Spain had the second-highest current account deficit in the world in nominal terms in 2007, trailing only the United States, as a construction and consumption-fuelled boom hit its highest point before petering out this year.
The trade deficit, the largest chunk of the current account deficit, fell to 5.33 billion euros in November from 7.9 billion euros in the year-ago period. (Reporting by Sarah Morris; Editing by Rupert Winchester)

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