Spanish Trade Deficit Widens 31.3% YoY in January

The trade gap in Spain increased to EUR 3.13 billion in January of 2017 from a EUR 2.38 billion shortfall a year earlier. It is the biggest trade deficit since August of 2015 as exports increased 17.4 percent year-on-year and reached another record high for a January month while imports jumped at a faster 19 percent.

Exports went up to EUR 21.44 billion, boosted by sales of equipment goods (14.3 percent), food, beverages and tobacco (1.79 percent) and autos (7.6 percent). Exports increased to the European Union (15.3 percent), namely Italy (28.7 percent), France (16.6 percent), Germany (13.7 percent) and the UK (2.2 percent). Outside the EU, shipments rose to Canada (24.8 percent), the US (19.5 percent), Argentina (25.6 percent), Brazil (15.8 percent), Chile (6.3 percent), China (52.7 percent), South Korea (22.1 percent), Hong Kong (32.5 percent), India (50.1 percent), Japan (22.8 percent), Saudi Arabia (8.8 percent), UAE (61.4 percent), Morocco (24.6 percent), South Africa (22.3 percent) and Australia (8.1 percent).

Imports rose to EUR 24.57 billion, due to purchases of equipment goods (13.2 percent), chemicals (7.5 percent), energy (74.4 percent), autos (7.9 percent) and food, beverages and tobacco (17.8 percent).

Spain recorded a EUR 1.77 billion trade surplus with the EU, higher than a EUR 1.35 billion surplus a year earlier. With non-EU countries, the trade deficit widened 33 percent year-on-year to EUR 4.9 billion. 

Spanish Trade Deficit Widens 31.3% YoY in January

Mineco | Joana Taborda |
3/21/2017 10:54:40 AM