Spanish Trade Deficit Narrows 7.2% in June

Spain's trade deficit narrowed by 7.2 percent to EUR 1.26 billion in June 2017 from EUR 1.36 billion in the corresponding month a year earlier. Exports increased 5.7 percent year-on-year to EUR 23.98 billion while imports rose at a slower 5 percent to EUR 25.24 billion.

Exports increased 5.7 percent to EUR 23.98 billion in June from EUR 22.68 billion a year earlier. The main contributions to export growth came from energy products (1.7 points), food, beverages and tobacco (1.5 points), chemical products (0.9 points) and consumer goods (0.8 points). The only sector with a significant negative contribution was vehicles (-0.7 points). Exports to the EU rose 6.1 percent year-on-year, as sales to the euro zone increased 6.7 percent and those to the rest of the European Union went up 4.1 percent. Among major trading partners, exports grew to the Netherlands (24.1 percent), France (8.6 percent), Italy (5.1 percent) and Germany (4.9 percent), but fell to the United Kingdom (-4.4 percent). Outside the EU, increases in exports were recorded to Australia (31 percent), Canada (24.1 percent), China (22.3 percent) and Argentina (15.4 percent), while sales declined to Algeria (-15.3 percent), Japan (-7.8 percent) and the United States (-7.2 percent).

Imports rose 5 percent to EUR 25.24 billion in June from EUR 24.04 billion a year earlier.

Considering the first half of the year, the trade deficit jumped 40.7 percent to EUR 11.09 billion, as imports went up 11.8 percent to an all-time high of EUR 151.96 billion and exports increased 10 percent to EUR 140.88 billion, also a new record high for that period. 

Spanish Trade Deficit Narrows 7.2% in June

Mineco | Joana Ferreira |
8/22/2017 8:19:38 AM