Spain Posts Smallest Trade Gap in 15 Months

The Spanish trade deficit narrowed to EUR 1.53 billion in June 2019 from EUR 2.45 billion in the corresponding month of the previous year. It is the smallest trade shortfall since March last year, as exports increased 0.9 percent and imports fell 2.6 percent.
Ministerio de Industria, Comercio y Turismo | Stefanie Moya | 8/21/2019 8:36:44 AM
Exports advanced 0.9 percent over a year earlier to EUR 24.94 billion in June, boosted by higher sales of equipment goods (7.8 percent); energy products (0.9 percent); non-chemicals semi-manufactures (6.4 percent); and other products (7.7 percent). On the other hand, sales declined for the automotive sector (-4.6 percent); food, beverages and tobacco (-0.6 percent); raw materials (-9.7 percent); manufactured consumption goods (-0.6 percent); and chemicals (-2.1 percent).

Among major trading partners, sales increased to the Euro Area (1.5 percent), of which Germany (3.9 percent), Portugal (7.1 percent), and Italy (1.4 percent). Meanwhile, shipments fell to the US (-11.4 percent), China (-0.8 percent) and France (-1.7 percent).

Imports dropped 2.6 percent from a year ago to EUR 26.47 billion, mainly due to lower purchases of raw materials (-10.9 percent); food, beverages and tobacco (-2.1 percent); automotive sector (-2.5 percent); and non-chemicals semi-manufactures (-0.2 percent). In contrast, purchases increased for energy products (0.6 percent); chemical products (6.7 percent); equipment goods (4.5 percent); and manufactured consumption goods (4.4 percent).

Among major trading partners, purchases decreased from the Euro Area (-7.1 percent), in particular Germany (-10.3 percent), France (-10.5 percent) and Portugal (-15.5 percent). Also imports rose from the US (24.1 percent) and China (4.7 percent).

Considering the first six months of the year, the country's trade shortfall widened to EUR 14.71 billion from EUR 14.59 billion in the same period of 2018, as imports rose 1.6 percent to EUR 162.12 billion and exports increased 1.7 EUR 147.41 billion.

Spain Posts Smallest Trade Gap in 15 Months