Spain Trade Deficit Narrows 43.2% YoY in May

Spain recorded a € 940.9 million trade gap in May of 2016, much lower than a € 1657 million shortfall a year earlier as exports reached the highest value on record for a May month. Figures compare with market expectations of a € 800 million deficit. Excluding energy, the country recorded a € 322 million surplus.
Mineco | Joana Taborda | 7/21/2016 9:07:15 AM
Total exports surged 4.7 percent year-on-year to € 22.014 million, following a 6.3 percent rise in April. In volume terms, sales jumped 9.6 percent, boosted by exports of cars and motorcycles to Germany, Italy, Belgium and the UK; fruits and vegetables to Germany, France and the UK; transport equipment to the UK, and to a lesser extent the Netherlands, Italy and Saudi Arabia and clothing to the UK, Italy, Poland and Germany. In contrast, shipments fell for gas mainly due to lower sales to Kuwait, Argentina and Canada; iron and steel to Algeria, Italy , Saudi Arabia and the UK; motors to the UK and, to a lesser extent, France, Turkey and Portugal and minerals mostly to Bulgaria.

Sales to the European Union increased 5.9 percent on the year and accounted for 65.7 percent of total exports, up from a 64.9 percent share in the previous year. Sales to the Euro Area were up at a faster 6.4 percent and accounted for 51.2 percent (50.3 percent in May of 2015). In addition, exports to countries outside the European Union grew 2.5 percent with a 34.3 percent share. 

Total imports increased 1.2 percent to € 22.955 million, recovering from a 1.2 percent decrease in April. In volume terms, imports surged 7.3 percent. 

The country’s surplus with the European Union widened to € 918 million from € 910 million a year earlier. Considering the Euro Area, the surplus narrowed to € 462 million from € 473 million. 

Between January and May, Spanish trade deficit fell 30.9 percent to € 6.5 billion, driven by a 2.4 percent rise in exports while imports went down 0.4 percent. 

Spain Trade Deficit Narrows 43.2% YoY in May