Spain's trade deficit in the first seven months of 2023 narrowed by 44% from the same year-ago period to 21.32 billion euros ($22.70 billion), as its exports rose and it imported less quantities of oil and natural gas, and at cheaper prices, the Industry Ministry said.

Over the period, the value of exports rose 3.3% to 230.40 billion euros, while imports fell 3.7% to 251.72 billion euros, the ministry said on Thursday.

The value of energy imports, mainly oil and natural gas, fell 30% in the first seven months of the year compared with the same period a year ago as Spain bought 19% less volumes at a price 14% lower.

Other imports during the period rose 3% on year.

In July alone, the trade deficit shrank 25% to 4.90 billion euros.

Spain's trade deficit skyrocketed in 2022 as oil and natural gas prices jumped following the Russian invasion of Ukraine. Spain completely relies on imported oil and gas.

($1 = 0.9393 euros) (Reporting by Matteo Allievi, editing by Inti Landauro and Miral Fahmy)