Spanish Trade Gap Widens in June

The Spanish trade deficit widened sharply to EUR 2.45 billion in June 2018 from EUR 1.26 billion in the same month a year earlier.
Ministerio de Industria, Comercio y Turismo | Joana Ferreira | 8/23/2018 12:02:27 PM
Exports increased 3.1 percent to EUR 24.72 billion in June from EUR 23.98 billion a year earlier, boosted by sales of energy products (17.3 percent), mainly oil & by-products (20.8 percent); chemicals (6.4 percent), in particular organic chemicals (25.7 percent) and essential oils & perfumes (10.5 percent); non-chemical semi-manufactured products (7.3 percent), in particular iron & steel (10.8 percent), paper (9.8 percent) and non-ferrous metals (5.5 percent); and capital goods (2.1 percent), of which electrical machinery (5.3 percent), transport equipment (6.3 percent) and equipment for the industry (3.2 percent). By contrast, there was a decline in exports of food, beverages and tobacco (-1.5 percent) and consumption goods (-1.3 percent). 

Among major trade partners, exports rose to Portugal (2.7 percent), Germany (10.7 percent), France (1.5 percent), Italy (3.6 percent), the UK (1.2 percent), the US (25.7 percent), Algeria (32 percent) and Morocco (3.8 percent); but fell to the UAE (-4.5 percent), Malaysia (-15 percent) and Canada (-14.3 percent).

Imports rose at a faster 7.7 percent to EUR 27.17 billion in June from EUR 25.24 billion in the previous year, mainly due to purchases of energy products (20.9 percent), in particular oil & by-products (28.1 percent); vehicles (7.7 percent), of which parts & accessories (8.4 percent) and cars & motorcycles (7 percent); capital goods (5.2 percent), mainly electrical machinery (21.8 percent), equipment for the industry (10.1 percent) and office & telecommunication equipment (5.3 percent); and chemical products (4.4 percent), in particular medicines (6.5 percent). Imports of consumption goods, however, dropped 4 percent mainly due to a 5.6 percent decline in purchases of textiles.

Among major trade partners, imports grew from Germany (6.2 percent), France (10.2 percent), Portugal (14 percent), the UK (1.4 percent), China (3.1 percent), Saudi Arabia (83.1 percent), Iran (96.4 percent), Turkey (6 percent), Morocco (9.9 percent), Mexico (40.3 percent), Chile (116.4 percent); but dropped from the US (-11.5 percent), Italy (-1.5 percent) and India (-6.1 percent).

In the first half of the year, the trade gap widened 31.5 percent from the previous year to EUR 14.59 billion, as imports jumped 5 percent to EUR 159.50 billion and exports increased 2.9 percent to EUR 144.92 billion.

Spanish Trade Gap Widens in June