Spain Trade Gap Narrows in December


Spain's trade deficit decreased by 1.5 percent to €1.79 billion in December of 2015, compared to a €1.82 billion shortfall a year earlier. Exports rose by 4.1 percent while imports went up at a slower 3.7 percent. For the whole 2015, trade deficit reduced 1.2 percent to €24.2 billion, the second lowest since 1998. Imports went up by 3.7 percent to €274.4 billion while exports increased 4.1 percent to the record €250.2 billion.

Year-on-year, exports rose by 4.1 percent to €20.15 billion from €19.35 billion. The main contributions to growth came from the automotive sector (contribution of 2.7 points), food, beverages and tobacco (1.7 points), capital goods (1.6 points), and articles consumption (1.0 points). By contrast, the only sectors that contributed negatively were those of energy products (contribution of -1.6 points), down 23.4 percent and other goods (-1.0 points).

Exports to the European Union accounted for 62.3 percent of total exports and increased by 6.8 percent year-on-year, as sales to the euro area went up by 6.0 percent, while those to the rest of the EU countries grew by 9.9 percent. The destinations with the biggest positive contribution to the annual variation of exports were: UK (18.9 percent), Germany (12.8 percent) Italy (6.5 percent) and France (+0.7 percent). Meanwhile, exports to countries outside the European Union accounted for 37.7 percent of total exports and were stable over the same month last year. By region, shipments to Latin America (-5.9 percent), North America (-5.6 percent) and Oceania (-27.7 percent, due to 20.8 percent lower exports to Australia) fell. By contrast, Africa (+11.7 percent, mainly due to the growth in exports to Morocco 19.6 percent), Asia excluding the Middle East (+6.6 percent, due to increase to Japan by 27.2 percent and China by 12.8 percent), Middle East (+17.0 percent, due to the growth in exports to Saudi Arabia by 25.3 percent) exports rose.

Imports increased by 3.7 percent to €21.95 billion from €21.17 billion a year ago.

The non-energy balance showed a deficit of €209.97 million and energy deficit fell by 37.2 percent as a result of the drop in energy prices.

For the full 2015, the value of exports grew 4.7 percent to a new record high of €250.2 billion, while imports increased at a slower 3.7 percent to €274.4 billion, thus resulting in a €24.2 billion deficit (-1.2 percent when compared to the same period of 2014) and the second lowest since 1998.

 Spain Trade Gap Narrows in December


Yekaterina Guchshina | yekaterina@tradingeconomics.com
2/18/2016 10:51:25 AM