Spain Trade Gap Widens 48.3% YoY In February

The trade gap in Spain increased to EUR 2.61 billion in February of 2017 from a EUR 1.76 billion deficit a year earlier. It is the second biggest trade deficit since August of 2015 as exports increased 8.3 percent year-on-year and reached a new record high for a February month while imports rose at a faster 11.4 percent.

Exports went up 8.3 percent to EUR 22.08 billion, driven by sales of energy (57.2 percent), food, beverages and tobacco (9.3 percent), autos (6.8 percent), consumer goods (12 percent) and chemicals (5.9 percent). Exports increased to the European Union (9.5 percent), namely Italy (21.4 percent), United Kingdom (13.4 percent), France (6.3 percent) and Germany (2.9 percent). Outside the EU, shipments rose the most to Canada (12.9 percent), Georgia (116.4 percent), China (23.1 percent), South Korea (36.1 percent), Vietnam (23.8 percent), Morocco (11.8 percent), Brasil (11.2 percent), Mexico (13.2 percent), Colombia (13.4 percent), Ecuador (30.5 percent) and Australia (9.4 percent).

Imports advanced 11.4 percent to EUR 24.68 billion, mainly led by purchases of energy (89.7 percent), equipment goods (14.9 percent) and non-chemical semi manufactures (6.9 percent).

Spain recorded a EUR 1.09 billion trade surplus with the EU, higher than a EUR 0.82 billion surplus a year earlier. With non-EU countries, the trade deficit rose 43.1 percent year-on-year to EUR 3.7 billion.

Spain Trade Gap Widens 48.3% YoY In February

Mineco |Luisa Carvalho |
4/21/2017 11:18:30 AM