Spanish Trade Deficit for October Month Highest in 6 Years

The Spanish trade deficit increased to EUR 2.51 billion in October of 2017 from a EUR 1.8 billion gap a year earlier. It is the highest trade shortfall for an October month since 2011 as imports expanded faster than exports.
Mineco | Joana Taborda | 12/22/2017 11:15:50 AM
Exports increased 11.2 percent year-on-year to EUR 24.24 million, mainly due to sales of energy products; chemicals; capital goods and non-chemical semi-manufactures. On the other hand, negative contributions came from other goods and autos. Shipments rose 9.5 percent to the EU, namely France (8.9 percent), Italy (8.6 percent) and Germany (6.3 percent) while those to the UK fell 1 percent. 

Among regions, the highest increases in exports were recorded for Canarias (32.3 percent), Andalucia (22.8 percent) and Extremadura (19.5 percent) while sales from Balearic Islands shrank 9 percent. Shipments from Catalonia which represented 26 percent of total sales increased 10.2 percent and made the biggest upward contribution to total exports growth. 

Imports increased 13.2 percent year-on-year to EUR 26.75 billion, mainly boosted by equipment goods (9.4 percent); chemicals (10.6 percent) and autos (14.6 percent). Purchases rose 10.6 percent from the EU. 

By region, the highest increases were seen in Andalucia (43.5 percent), Basque Country (25.1 percent) and Murcia (20.1 percent) while in Asturias purchases shrank 16.1 percent. The biggest contribution to import growth came from Andalucia and Catalonia (imports accounted for 27.6 percent of the total and rose 11.7 percent). 

Considering the first ten months of the year, exports increased 9.3 percent to EUR 229.8 billion, a new record for similar periods. Imports went up 11.3 percent to ER 250.87 billion. As a result, the country's trade gap increased 39.9 percent to EUR 21 billion. 

Spanish Trade Deficit for October Month Highest in 6 Years