Spain Trade Gap Narrows 19.9% YoY in August

Spain's trade deficit dropped 19.9 percent year-on-year to €2.56 billion in August 2016. Exports rose 8.9 percent while imports increased at a slower 4.2 percent. In the first eight months of the year, the trade deficit fell 31.6 percent to €10.9 billion, the second lowest trade gap since 1997. Exports went up 1.3 percent and hit a new record high for that period, while imports rose 1.6 percent.

Total exports rose by 8.9 percent year-on-year to €17.6 billion, the highest reading on record for August month. Contributions to export growth came mainly from the food and beverages (contribution of +2.2 points), non-chemical semi-manufactures (+2.2 points), chemicals (+2.1 points) and automotive sector (+1.8 points). In the contrast, the only sectors that contributed negatively were other goods (contribution of -1.9 points) and capital goods (-0.9 points).
Exports to the EU went up 5.1 percent year-on-year; of which those for the euro zone rose by 7.4 percent. Among trading partners, exports increased to Germany (+9.8 percent), Italy (+11.4 percent) and France (+4.7 percent) but fell to the UK (-0.9 percent). Exports to countries outside the European Union edged up 0.1 percent. Meanwhile, sales dropped to China (-3.2 percent) and Japan (-9.6 percent).

Total imports increased by 4.2 percent to €20.2 billion.

The coverage rate stood at 87.3 percent, 3.8 percentage points higher than in August 2015 (83.5 percent), hitting the second greatest value from the beginning of the series in 1962. 

The non-energy balance showed a deficit of €1169.6 million (€755.1 million gap in August 2015) and the energy deficit decreased 43 percent from the previous year.

Spain Trade Gap Narrows 19.9% YoY in August

Mineco | Yekaterina Guchshina |
10/20/2016 8:53:31 AM