Spain Trade Gap Widens Sharply in July


Spain's trade deficit increased to EUR 2.10 billion in July of 2017 from EUR 0.56 billion in the corresponding month a year earlier. Exports increased 3.9 percent year-on-year to EUR 22.19 billion while imports rose at a faster 10.8 percent to EUR 24.29 billion. Considering the January to July period, the trade deficit jumped 56.3 percent to EUR 13.19 billion, as imports grew quicker than exports.

Exports rose 3.9 percent to a record high of EUR 22.19 billion in July of 2017. The main contributions to export growth came from non-chemical semi-manufactures (1.4 points); consumer goods (1.1 points); chemicals (1 point) and energy products (0.8 points). The only sectors with a significant negative impact were the vehicles (-1 points); other goods (-0.4 points) and raw materials (-0.3 points). Exports to the EU, which accounted for 63.5 percent of total sales, rose 1 percent year-on-year, as sales to the euro zone increased 3.7 percent while those to the rest of the European Union fell 8.1 percent. Among major trading partners, sales grew to France (6.2 percent); Germany (4.3 percent); Italy (1.7 percent) and Portugal (4.1 percent), but declined to the United Kingdom (-20.2 percent). Outside the EU, increases in exports were recorded to Argentina (57.5 percent); Saudi Arabia (25.9 percent); Morocco (19.5 percent); the United States (14.2 percent); Chile (10.1 percent); China (8.8 percent) and Mexico (4.6 percent). In contrast, sales went down to Canada (-28.6 percent) and Australia (-9 percent).

Imports advanced at a faster 10.8 percent to EUR 24.29 billion in July of 2017 from EUR 21.93 billion a year ago. The main contributions to import growth came from: energy products (2.8 points); food, beverages and tobacco (1.7 points); vehicles (1.6 points) and non-chemical semi-manufactures (1.3 points). On the other hand, the only sector with a significant negative impact was other goods (-0.3 points). Imports from the EU, which accounted for 54.2 percent of total purchases, rose 5.8 percent, as imports from the euro zone grew 6.9 percent while the ones from the rest of the European Union advanced 1.1 percent. Among biggest trading partners, purchases increased mostly from China (16.5 percent); France (10.6 percent ); Germany (8.6 percent) and Nigeria (107 percent). Conversely, imports fell from Portugal (-8.6 percent) and Russia (-24.6 percent).

Spain recorded a EUR 0.94 billion trade surplus with the EUR, lower than a EUR 1.53 billion trade surplus a year earlier. With non-EU countries, the trade deficit widened 45.8 percent year-on-year to EUR 3.04 billion.

Spain Trade Gap Widens Sharply in July


Mineco |Luisa Carvalho | luisa.carvalho@tradingeconomics.com
9/22/2017 12:57:17 PM