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MADRID, March 31 (Reuters) - Spain's current account deficit fell to 6.584 billion euros ($8.71 billion) in January from 12.031 billion euros a year earlier as a deep recession slowed imports of goods and services, Bank of Spain data showed on Tuesday.
The deficit, a broad measure of Spain's commerce with the world, was down from a previously reported 6.37 billion euros in December due to a lower trade deficit, the bank said in a news release.
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 last year.
The trade deficit, the largest chunk of the current account deficit, fell to 4.116 billion euros in January from 8.616 billion euros in January 2008 as Spaniards stopped buying imported goods during an economic downturn.
The total value of goods exported from Spain fell 25.6 percent in January from a year earlier, while imported goods were down 35.1 percent.
(Reporting by Paul Day; Editing by xxx)