Spanish Trade Gap Narrows 15.7% in October

Spain's trade deficit shrank 15.7 percent to €1.89 billion in October of 2015, compared to a €2.24 billion shortfall a year earlier. While exports edged down 0.8 percent mainly due to lower sales of energy products, imports fell at a faster 2.2 percent.

Year-on-year, exports fell to €22.17 billion from €22.35 billion. The main contributions to contraction came from energy products (contribution of -1.9 points), other goods (-1.3 points), non-chemical semi-manufactured goods (-0.7 points) and chemical products (-0.6 points). By contrast, sales of the automotive sector (contribution of 2.2 points), manufactured consumer goods (1.2 points), consumer durables (0.4 points) and food, beverages and snuff (0.4 points) rose the most.

Exports to the European Union accounted for 65.9 percent of total exports and increased by 3.8 percent year-on-year, as sales to the euro area went up by 1.6 percent, while those to the rest of the EU countries grew by 11.9 percent. The destinations with the biggest positive contribution to the annual variation of exports were: Germany (+10.9 percent) and the UK (+12.3 percent), while those to France fell (-1.2 percent). Meanwhile, exports to countries outside the European Union accounted for 34.1 percent of total exports and dropped by 8.6 percent over the same month last year. By region, shipments to North America (-6.9 percent), Latin America (-2.2 percent), Asia excluding Middle East (-19.8 percent) and Oceania (-11.4 percent, despite higher exports to Australia by 6.2 percent) declined. By contrast, those to Africa (+1.6 percent, mainly due to the increase in exports to Morocco by 19.6 percent) and Middle East (+23.7 percent, due to the growth in exports to Saudi Arabia by 20.5 percent and to UAE by 5.8 percent) increased.

Imports dropped to €24.06 billion from €24.56 billion a year ago.

The non-energy balance showed a surplus of €129.3 million and energy deficit fell by 42.3 percent as a result of the substantial drop in energy prices.

In the first ten months of the year, the value of exports grew 3.8 percent to a record high of €208.43 billion, while imports increased at a slower 3.2 percent to €228.96 billion, thus resulting in a €20.53 billion deficit (-2.7 percent when compared to the same period of 2014).

Spanish Trade Gap Narrows 15.7% in October

Joana Ferreira |
12/21/2015 9:29:29 AM