The Spanish trade deficit dropped by 29.5 percent from January to November 2012 compared to the same period of 2011, the Spanish Ministry of Economy and Competitiveness reported on Monday.

Spain's trade deficit reached 29.463 billion euros (39.226 billion U.S. dollars) between January and November as a consequence of increasing exports) and declining imports.

Exports increased by 3.7 percent to 204.855 billion euros (272.740 billion U.S. dollars), while imports dropped by 2.1 percent to 234.318 billion euros (311.972 billion U.S. dollars).

Goods shipped to the European Union (EU) represented 62.9 percent of the total, down by 1.7 percent, while exports to the crisis-hit euro zone countries declined by 3 percent.

Meanwhile, Spain's exports to non-EU countries experienced a significant rise of 37.1 percent, or a 14.4 percent surge in comparison with the same period of 2011.