Spanish Trade Deficit Widens 52.1% In May


Spain's trade deficit widened sharply by 52.1 percent to EUR 1.43 billion in May 2017 from EUR 0.94 billion in the corresponding month a year earlier. Exports increased 15.2 percent year-on-year to EUR 25.36 billion while imports rose at a faster 16.7 percent to EUR 26.79 billion. In the first five months of the year, the trade deficit jumped 50.7 percent to EUR 9.83 billion, driven by a 13.3 percent increase in imports while exports rose 10.9 percent to a new record high for that period.

Exports increased 15.2 percent to EUR 25.36 billion from EUR 22.01 billion a year earlier. The main contributions to export growth came from the capital goods sector (contribution of 4.3 points), energy products (2.7 points), chemicals (2 points) and non-chemical semi-manufactures (1.6 points). The only sector that contributed negatively was other goods (-0.1 points). Exports to the EU rose 16.2 percent year-on-year, as sales to the euro zone increased 15.9 percent and those to the rest of the European Union went up 17.5 percent. Among major trading partners, exports grew to Germany (19.1 percent), the United Kingdom (17.5 percent), Italy (18 percent) and France (13.1 percent).

Imports rose 16.7 percent to EUR 26.79 billion from EUR 22.96 billion a year earlier.

With the European Union countries, the trade balance showed a surplus of EUR 2.05 billion, compared with a EUR 0.92 billion surplus in May 2016.

Considering the first five months of the year, the trade deficit jumped 50.7 percent to EUR 9.83 billion, as imports went up 13.3 percent to EUR 126.73 billion and exports increased 10.9 percent to EUR 116.90 billion, a new record high for that period. 

Mineco | Joana Ferreira | joana.ferreira@tradingeconomics.com
7/21/2017 8:49:49 AM