Spain Posts €1.8 Billion Trade Deficit in December

Spanish trade gap was marginally unchanged at €1.82 billion in December of 2014 from €1.83 billion a year earlier. Exports reached the highest value on record for a December month while imports rose at a faster pace.
Joana Taborda | 2/18/2015 2:39:29 PM
Exports increased 5.7 percent year-on-year to € 19.35 billion in December while imports rose an annual 5.1 percent to € 21.17 billion.

Considering 2014 as a whole, the country posted a € 24.47 billion trade gap, widening 53.2 percent from 2013.

In 2014, sales rose 2.5 percent to € 24 billion, the highest on record. Shipments to the European Union, accounting for 63.4 percent of total sales increased 3.9 percent, driven by higher exports to Germany (up 5.7 percent), Italy (5.1 percent), the United Kingdom (4.3 percent), Poland (3.4 percent) and Portugal (3 percent). Outside Europe, sales rose to South Korea (53.6 percent), the United States (22.6 percent), Canada (18.6 percent) and Japan (18.4 percent). 

Among sectors, the car sector accounted for nearly 15 percent of total sales in 2014 (up 6.2 percent); sales of manufactured consumption goods rose 7.8 percent and natural gas sales increased 56.8 percent. 

Imports surged 5.7 percent to € 264.5 billion, mainly driven by a 19.4 percent increase in auto sales, a 13.5 percent surge in imports of industrial machinery and an 8 percent increase in communication apparel. 

Spain Posts €1.8 Billion Trade Deficit in December