Spain Trade Gap Narrows by 8.1% in January


Spain's trade deficit decreased by 8.1 percent to €2.39 billion in January of 2016, compared to a €2.6 billion shortfall a year earlier, the lowest January's deficit since 1999. Exports rose by 2.1 percent while imports edged up by 0.8 percent.

Year-on-year, exports rose by 2.1 percent to €18.27 billion from €17.89 billion. Main contributions to growth came from the goods sector (contribution of 1.7 points); the automotive sector (1.1 points), manufactured consumer goods (0.9 points), food, beverages and tobacco (0.7 points) and durables (0.4 points). By contrast, negative contributions came from energy products (contribution of -1.2 points), down 26.3 percent, other goods (-0.9 points) and non-chemical semi-manufactured goods (-0.7 points).

Exports to the European Union accounted for 69 percent of total shipments and increased by 5.2 percent year-on-year, as sales to the euro area went up by 4.5 percent, while those to the rest of the EU countries grew by 7.7 percent. Destinations with the biggest positive contribution were: Belgium (0.7 points), UK (0.7 points) Oman (0.4 percent) and Netherlands (0.4 percent). Meanwhile, exports to third destinations accounted for 31.0 percent of total exports and fell by 4.3 percent over the same month last year. By region, shipments to America (-4.9 percent), Africa (-2.0 percent) and Oceania (-4.5 percent) decreased. By contrast, sales to Asia rose 2.6 percent. 

Imports increased by 0.8 percent to €20.65 billion from €20.49 billion a year ago. The main positive contributions to growth came from the capital goods sector (contribution of 2.2 points), manufactured consumer goods (0.9 points), food, beverages and tobacco (0.7 points) and consumer durables (0.2 points). By contrast, negative contributions came from: energy products sector (-2.9 points), raw materials (-0.3 points) and non-chemical semi-manufactured goods (-0.2 points).

The non-energy balance showed a deficit of €750.3 million while energy deficit increased by 18.9 percent as a result of the drop in energy prices.

Spain Trade Gap Narrows by 8.1% in January


Yekaterina Guchshina | yekaterina@tradingeconomics.com
3/21/2016 11:17:09 AM