Spanish Trade Deficit at 5-Month Low

Spanish trade gap narrowed 11.6 percent year-on-year to €1.55 billion in November of 2014, as a falling euro boosted exports to countries outside the Euro Area.
Joana Taborda | 1/16/2015 12:17:13 PM
Exports increased 3.2 percent year-on-year to € 19.9 billion. Sales to Saudi Arabia jumped 59.1 percent; shipments to the United Arab Emirates increased 57.3 percent and those to the United States, South Korea, Mexico and Canada increased 53.5 percent, 45.5 percent, 40 percent and 31.8 percent, respectively. 

Exports to the European Union grew 0.8 percent, driven by a 4.6 percent rise in sales to Germany while sales to Italy increased 5.1 percent. In contrast, sales to Portugal shrank 21.6 percent.

By product, auto sales were the main driver of growth (up 6.3 percent), followed by manufactured products (up 9.7 percent). 

Imports rose 2 percent year-on-year to € 21.49 billion.

Considering the first eleven months of 2014, exports increased 2.2 percent year-on-year. Imports rose at a faster 5.8 percent, bringing the country’s shortfall to € 22.65 billion (€ -14.12 billion in the same period of 2013).

Spanish Trade Deficit at 5-Month Low