Spain Reports €2.6 Billion Trade Deficit in January

Spanish trade deficit decreased by 7.9 percent year-on-year to €2.6 billion in January of 2015, as both exports and imports fell. The contraction was mostly due to calendar effects since there were less working days in January of 2015.

Exports decreased by 2.9 percent to €17.89 billion when compared with January of 2014. Sales to both the Euro Area and the European Union declined by 2.7 percent. However, significant increases were recorded in exports to Indonesia (83.7 percent), Egypt (65.6 percent), Canada (45.8 percent), UAE (23.5 percent), Saudi Arabia (18.6 percent), South Africa (17 percent), Brazil (16.6 percent) and the US (13.1 percent).

By product, auto sales were the main driver of growth (up 21.8 percent), followed by manufacturing (3.5 percent) and food and beverages (0.6 percent). In contrast, exports of goods contracted by 2.3 percent, the largest downfall in total exports.

Imports dropped by 3.6 percent to €20.49 billion in January of 2015.

The non-energy balance showed a deficit of € 579.2 million (down from a € 739.2 million surplus in the same month last year) and the energy deficit decreased by 43.3 percent.

Spain Reports €2.6 Billion Trade Deficit in January

Carolina Cunha |
3/20/2015 4:11:10 PM