Spain Trade Gap Widens 26% YoY in August


Spain's trade deficit increased to EUR 3.23 billion in August of 2017 from EUR 2.56 billion in the corresponding month a year ago. It was the largest trade gap for a August month since 2011, as imports surged 11.2 percent year-on-year to EUR 22.46 billion while exports rose at a slower 9 percent to EUR 19.24 billion. Considering the January to August period, the trade gap broadened 49.3 percent to EUR 16.41 billion, as imports grew faster than exports.

Imports jumped 11.2 percent to EUR 22.46 billion in August of 2017, mainly boosted by purchases of equipment goods (18.8 percent); consumer goods (4.5 percent); chemicals (9.3 percent); food, beverages and tobacco (10.1 percent) and energy (17.2 percent). Imports from the EU, which accounted for 50 percent of total purchases, rose 8 percent, as imports from the euro zone went up 8.4 percent and the ones from the rest of the European Union grew 9.6 percent. Among major trading partners, imports rose from Germany (15.6 percent); France (6 percent); Italy (4.6 percent); the Netherlands (8.3 percent) and Portugal (5.6 percent). Outside the EU, purchases increased 14.6 percent, namely from China (6.4 percent); the US (17.5 percent); Turkey (32.4 percent); Morocco (24.3 percent); Brazil (19.2 percent) and Mexico (9.2 percent).

Exports advanced 9 percent to a record high of EUR 19.24 billion in August of 2017, driven by sales of equipment goods (20.5 percent); food, beverages and tobacco (0.5 percent); chemicals (4.9 percent) and consumer goods (9.4 percent). Exports to the EU, which accounted for 61.8 percent of total sales, expanded 6.5 percent year-on-year, as sales to the euro zone rose 6.7 percent and those to the rest of the European Union increased 5.6 percent. Among major trading partners, exports grew to France (9.1 percent); Germany (8.9 percent); Portugal (4.5 percent) but declined to Italy (-6 percent) and to the United Kingdom (-3.4 percent). Outside the EU, increases were recorded to Australia (172.8 percent); China (28 percent); Japan (14 percent); Morocco (21.3 percent), the US (18.9 percent); Argentina (38.4 percent); Mexico (18.3 percent); Brazil (14 percent) and Chile (7.3 percent).

Spain recorded a EUR 0.67 billion trade surplus with the EU, lower than a EUR 0.77 billion trade surplus in the same month a year earlier. With non-EU countries, the trade deficit widened 16.8 percent year-on-year to EUR 3.89 billion.

Spain Trade Gap Widens 26% YoY in August


Mineco |Luisa Carvalho | luisa.carvalho@tradingeconomics.com
10/20/2017 9:51:12 AM