Spain Trade Gap Narrows 3.7% YoY In September


Spain's trade deficit shortened to EUR 2.15 billion in September of 2017 from EUR 2.23 billion in the corresponding month of the previous year. Exports jumped 8.5 percent year-on-year to EUR 23.26 billion and imports advanced at a slower 7.4 percent to EUR 25.41 billion. Considering the January to September period, the trade gap widened 40.3 percent to EUR 18.56 billion, as imports grew faster than exports.

Exports jumped 8.5 percent year-on-year to a record high for a September month of EUR 23.26 billion, boosted by sales of equipment goods (20.7 percent); food, beverages and tobacco (2.2 percent); chemicals (4.2 percent) and manufactured consumer goods (5.1 percent). Meanwhile, declines were seen in sales of vehicles (-1.6 percent) and other products (-22.5 percent). Exports to the EU, which accounted for 67 percent of total sales, grew 7.5 percent year-on-year: sales to the euro zone rose 9.5 percent and those to the rest of the European Union increased 0.3 percent. Among major trading partners, exports went up to Germany (21.2 percent);  France (3.7 percent); Italy (4.2 percent); Portugal (8.6 percent) and to the United Kingdom by only 0.7 percent. Outside the EU, exports rose 10.6 percent, with main increases recorded to Morocco (39.6 percent); the US (12.3 percent); Mexico (18 percent) and China (15.8 percent).

Imports advanced at a slower 7.4 percent to EUR 25.41 billion in September of 2017, mainly driven by purchases of equipment goods (7.1 percent); chemicals (4.9 percent); consumer goods (2.9 percent) and vehicles (1 percent). Imports from the EU, which accounted for 55 percent of total purchases, rose a meager 0.5 percent: imports from the euro zone went up 2.4 percent while the ones from the rest of the European Union fell 6.7 percent. Among biggest import partners, purchases advanced from Germany (1 percent); France (3.7 percent) and Italy (11 percent). Outside the EU, purchases increased 17.1 percent, namely those from China (9.5 percent); the US (32.9 percent) and Nigeria (195.3 percent).

Spain recorded a EUR 1.62 billion trade surplus with the EU, higher than a EUR 0.60 billion trade surplus in the same month of 2016. With non-EU countries, the trade deficit widened 32.9 percent year-on-year to EUR 3.76 billion.

Spain Trade Gap Narrows 3.7% YoY In September


Mineco | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
11/21/2017 12:00:00 PM