Spain Posts Largest Trade Gap for January Since 2011



The Spanish trade deficit increased 15.5 percent to EUR 3.94 billion in January of 2018 from EUR 3.13 billion in the same month a year ago. It was the biggest trade shortfall for a January month since 2011. Imports soared 8.9 percent to EUR 26.77 billion while exports rose at a slower 6.5 percent to EUR 22.83 billion, both record highs for a January month.

Year-on-year, imports surged 8.9 percent to a record high for a January month of EUR 26.77 billion, mainly due to purchases of equipment goods (3.7 percent); energy products (15.1 percent); chemical products (13.1 percent) and automotive products (9.7 percent), mostly vehicles and motorbikes (18.5 percent).

Imports from the EU, which accounted for 51.5 percent of total purchases, rose 8 percent: imports from the euro zone climbed 10.5 percent while the ones from the rest of the European Union fell 1.5 percent. Among biggest import partners, purchases advanced from Germany (14.2 percent); France (8.6 percent) and Italy (17.6 percent). Outside the EU, purchases increased 9.9 percent, namely those from China (10 percent); Brazil (111 percent); Saudi Arabia (30.8 percent) and India (1.1 percent) while they fell from the US (6.1 percent).

Exports rose 6.5 percent to a record high for a January month of EUR 22.83 billion, boosted by sales of equipment goods (4.3 percent); food, beverages and tobacco (0.4 percent); automotive products (3.3 percent), only parts (15.3 percent) and chemical products (8.6 percent).

Exports to the EU, which accounted for 68 percent of total sales, grew 6.7 percent year-on-year: sales to the euro zone increased 6.1 percent and those to the rest of the European Union went up 8.9 percent. Among major trading partners, shipments advanced to Portugal (17.6 percent); the United Kingdom (6.4 percent); Germany (5.7 percent) and France (3.2 percent).  Meantime, sales to third countries went up 6 percent, namely those to the United States (0.6 percent); China (3.3 percent) and Mexico (29.9 percent).

Spain Posts Largest Trade Gap for January Since 2011


Mineco | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
3/21/2018 11:43:57 AM