Spanish Trade Deficit Narrows in July

Spain’s trade gap decreased by 23.6 percent to €1.40 billion in July of 2015, compared to a €1.83 billion shortfall a year earlier. While exports went up by 8.9 percent reaching its highest value recorded so far, imports rose at a slower 6.4 percent.

Year-on-year, exports expanded to €23.51 billion from €21.58 billion, as automotive sector sales increased by 26.9 percent compared to a year earlier. Exports of food, beverages and tabacco sector grew 14 percent and sales of capital goods rose by 8.2 percent. Also, exports of chemical products and manufactured consumer goods went up by 7.9 percent and by 13.5 percent, respectively. Among European Union countries, sales addressed to France were up 3.4 percent and exports to Germany, the UK and Italy increased by 13.8 percent, 9.8 percent and 4 percent, respectively. Exports to Portugal and Poland also grew by 6.6 percent and by 27.5 percent each. Outside the EU, shipments to the United States rose by 25.2 percent, as well as other significant increases in countries such as Mexico (+65.1 percent), Chile (+47.8 percent), China (+29.4 percent), Saudi Arabia (+26.3 percent), UAE (+13.8 percent), Egypt (+18.7 percent) and South Africa (+15.8 percent).

Imports increased to €24.90 billion from €23.41 billion a year ago.

Meanwhile, the non-energy balance showed a surplus of €933.1 million (€1423.4 million in July 2014) and the energy deficit fell by 28.3 percent to €2329.2 million.

So far this year, the value of exports grew 5.5 percent to €148.63 billion while imports increased at a slower 4.5 percent to €161.51 billion, thus resulting in a €12.88 billion deficit (-6.1 percent when compared to the same period of 2014).

Spanish Trade Deficit Narrows in July

Joana Ferreira |
9/21/2015 9:46:20 AM