Spain Trade Gap Widens 19% in November

Spain's trade deficit increased by 18.9 percent to €1.85 billion in November of 2015, compared to a €1.56 billion shortfall a year earlier. While exports rose by 8.6 percent, imports went up at a faster 9.3 percent.
Joana Ferreira | 1/21/2016 10:14:30 AM
Year-on-year, exports rose by 8.6 percent to €21.66 billion from €19.94 billion. The main contributions to growth came from the automotive sector (contribution of 4.2 points), capital goods (2.6 points), food, beverages and tobacco (1.9 points) and articles consumption (1.2 points). By contrast, the only sectors that contributed negatively were those of energy products (contribution of -2 points), down 28.1 percent, other goods (-0.6 points), with decrease of 16.3 percent and raw materials (-0.3 points), which decreased by 12.2 percent.

Exports to the European Union accounted for 66.3 percent of total exports and increased by 11.3 percent year-on-year, as sales to the euro area went up by 8.9 percent, while those to the rest of the EU countries grew by 20.1 percent. The destinations with the biggest positive contribution to the annual variation of exports were: Germany (+15 percent), Italy (+13.5 percent), the UK (+31.9 percent) and France (+1.7 percent). Meanwhile, exports to countries outside the European Union accounted for 33.7 percent of total exports and grew by 3.7 percent over the same month last year. By region, shipments to Oceania (+23.1 percent, thanks to increased exports to Australia by 27 percent), Africa (+12.1 percent, mainly due to the growth in exports to Morocco 29.1 percent), Asia excluding the Middle East (+8.3 percent), Middle East (+3.4 percent, due to the growth in exports to Saudi Arabia by 9 percent) and Latin America (+0.9 percent). By contrast, sales to North America dropped 6.5 percent because of lower exports to the United States by 6.9 percent and Canada by 3.2 percent.

Imports increased by 9.3 percent to €23.51 billion from €21.50 billion a year ago.

The non-energy balance showed a deficit of €41.9 million and energy deficit fell by 27.5 percent as a result of the drop in energy prices.

In the first eleven months of 2015, the value of exports grew 4.3 percent to a new record high of €230.09 billion, while imports increased at a slower 3.8 percent to €252.47 billion, thus resulting in a €22.38 billion deficit (-1.2 percent when compared to the same period of 2014).

Spain Trade Gap Widens 19% in November