Spain Trade Deficit Narrows 2.9% YoY In October


Spain's trade deficit declined 2.9 percent to €1.83 billion in October 2016 from €1.89 billion a year earlier, as exports fell 1.6 percent while imports dropped 1.7 percent. In the first ten months of the year, the trade deficit fell 26.6 percent to €15.06 billion, the second lowest gap since 1997, driven by a 0.9 percent increase in exports, which hit a new record high for that period.

Total exports declined by 1.6 percent to €21.81 billion from €22.17 billion a year earlier. Main contributions to export decline came from: Other goods (-1.4 points); non-chemical semi-manufactures (-1.3 points); capital goods (-0.8 points); and chemical products (-0.3 points). By contrast, positive contributions came from: Energy products (+1.5 points); food, beverages and tobacco (+0.5 points); and raw materials (+0.4 points)

Exports to the EU dropped 2 percent year-on-year; of which those for the euro zone decreased by 0.4 percent and those to the rest of the European Union went down 7.2 percent. Among major trading partners, sales declined to Germany (-2.3 percent), France (-1.7 percent), Italy (-1.6 percent) and the UK (-10.3 percent). Exports to countries outside the European Union went down 1 percent from the same month last year. By region, exports declined to North America (-10.9 percent), Latin America (-11.4 percent), the Middle East (-10.2 percent) and Africa (-0.7 percent). By country, sales fell to the United States (-11.2 percent), Brazil (-16 percent), Argentina (-36.9 percent), South Korea (-30.9 percent) and Saudi Arabia (-10.3 percent). Exceptions were Asia excluding the Middle East (+10.4 percent), with increases in exports to China (+21.8 percent), Japan (+13.5 percent), Hong Kong and Oceania (+5.2 percent). In addition to these Asian countries, sales rose to Egypt (+15.2 percent) and South Africa (+14.9 percent).

Total imports decreased by 1.7 percent to €23.64 billion from €24.06 billion a year earlier.

The coverage rate stood at 92.2 percent, the same as in October 2015

The non-energy balance showed a deficit of €619 million (€129 million surplus in October 2015) and the energy deficit decreased 39.8 percent from the previous year.

Considering the first ten months of the year, the Spanish trade deficit fell 26.6 percent to €15.06 billion, the second lowest gap since 1997, driven by a 0.9 percent increase in exports to €210.29 billion, which hit a new record high for that period; while imports fell 1.6 percent to €225.35 billion.

Spain Trade Deficit Narrows 2.9% YoY In October


Mineco | Joana Ferreira | joana.ferreira@tradingeconomics.com
12/22/2016 10:00:26 AM