Spanish Trade Gap Highest Since January 2013

Spain's trade deficit increased by 15.2 percent to €3.19 billion in August of 2015, compared to a €2.77 billion shortfall a year earlier. While exports fell slightly by 0.8 percent due to lower sales of energy products, imports rose by 1.5 percent.

Year-on-year, exports shrank to €16.21 billion from €16.34 billion, as sales of energy products were down by 35.3 percent, raw materials by 22.8 percent, chemical products by 0.7 percent and other goods by 25.9 percent. By contrast, exports of capital goods, automotive sector and food, beverages and tobacco rose the most. Exports to the European Union accounted for 61.6 percent of total exports and fell by 2.4 percent year-on-year, as sales to the euro area dropped by 3.6 percent, while those to the rest of the EU countries grew by 1.4 percent. Meanwhile, exports to countries outside the European Union accounted for 38.4 percent of total exports and were up by 1.9 percent over the same month last year. The destinations with the biggest negative contribution to the annual variation of exports were France (-1.4 points), South Korea (-0.8 points), Portugal (-0.6 points) and Italy (-0.5 points).

Imports increased to €19.40 billion from €19.11 billion a year ago.

In the first eight months of the year, the value of exports grew 4.9 percent to €164.84 billion while imports increased at a slower 4.2 percent to €180.91 billion, thus resulting in a €16.07 billion deficit (-2.5 percent when compared to the same period of 2014).

Spanish Trade Gap Highest Since January 2013

Joana Ferreira |
10/22/2015 9:44:31 AM