Spanish Trade Deficit Widens in June

Spain’s trade gap increased by 38.5 percent to €2.05 billion in June of 2015, compared to a €1.48 billion shortfall a year earlier. While exports went up by 7.8 percent reaching its highest value for a month of June, imports rose at a faster 9.8 percent.

Year-on-year, exports expanded to €22.21 billion from €20.60 billion, as automotive sector sales increased by 15.4 percent compared to a year earlier. Chemicals sector exports expanded 14 percent and food, beverages and tabacco sales grew 12.1 percent. Also, exports of manufactured consumer goods and capital goods rose 21.1 percent and 6.7 percent, respectively. Among European Union countries, sales addressed to France were up 11.6 percent and exports to Germany, Italy and Portugal increased by 10.6 percent, 9.5 percent and 9.1 percent, respectively. Outside the EU, shipments to the United States went up by 24.6 percent, as well as other significant increases in countries such as Switzerland (+24.9 percent), Turkey (+17.8 percent), Mexico (+43.4 percent), Chile (+30.6 percent), South Korea (+54.3 percent), Saudi Arabia (+115.2 percent), UAE (+40.3 percent), Egypt (+72.2 percent) and South Africa (+15.9 percent).

Imports increased to €24.25 billion from €22.08 billion a year ago.

Meanwhile, the non-energy balance showed a surplus of €385.9 million (€1237.3 million in June 2014) and the energy deficit fell by 10.4 percent, due to lower energy prices.

So far this year, the value of exports grew 4.9 percent to €125.12 billion while imports increased at a slower 4.2 percent to €136.60 billion, thus improving the trade deficit by 3.4 percent when compared to the same period of 2014.

Spanish Trade Deficit Widens in June

Joana Ferreira |
8/18/2015 3:21:35 PM