Spanish Trade Gap Widens 8.3% in September


Spain's trade deficit increased by 8.3 percent to €2.57 billion in September of 2015, compared to a €2.37 billion shortfall a year earlier. While exports went up by 1.1 percent boosted by higher sales from the automotive sector, imports rose at a faster 1.8 percent.

Year-on-year, exports expanded to €21.42 billion from €21.20 billion. The main contributions to growth came from the automotive sector exports (contribution of 3.5 points), chemicals (1.5 points), food beverages and snuff (1.1 points), semi-non-chemical (0 3 points) and capital goods (0.2 points). By contrast, sales of energy products (contribution of -3.6 points), other goods (-1.4 points) and raw materials (-0.9 points) fell the most.

Exports to the European Union accounted for 68.1 percent of total exports and increased by 5.9 percent year-on-year, as sales to the euro area went up by 4.8 percent, while those to the rest of the EU countries grew by 10.2 percent. Meanwhile, exports to countries outside the European Union accounted for 31.9 percent of total exports and dropped by 7.9 percent over the same month last year. The destinations with the biggest positive contribution to the annual variation of exports were: Germany (contribution of 0.9 points), boosted by higher sales of cars and motorcycles, fruits, vegetables, medicine, precision instruments and clothing; the UK (0.8 points), due to rising exports of cars and motorcycles, electrical appliances, transport equipment and road engines; the Netherlands (0.6 points), due to rising exports of medicines, oil and oil products, cars and motorcycles and organic chemicals; and Poland (0.6 points), boosted by higher exports of electrical appliances. On the contrary, the main negative contributions were for Norway (-0.8 points), Portugal (-0.5 points), Brazil (-0.5 points) and South Korea (-0.4 points).

Imports increased to €23.99 billion from €23.57 billion a year ago.

The non-energy balance showed a deficit of €704.1 million (from a €322.6 million surplus in September 2014) and energy deficit fell by 30.8 percent as a result of the substantial drop in energy prices.

In the first nine months of the year, the value of exports grew 4.4 percent to €186.26 billion, while imports increased at a slower 3.9 percent to €204.90 billion, thus resulting in a €18.64 billion deficit (-1.1 percent when compared to the same period of 2014).

Spanish Trade Gap Widens 8.3% in September


Joana Ferreira | joana.ferreira@tradingeconomics.com
11/19/2015 8:47:57 AM