Spain’s exports and imports on the rise

0

SPANISH EXPORTS of goods in the period January-March grew by 14.1% on the same months of last year to stand at €69.74 billion, an all-time high for exports over this period and the best quarter on record.

Imports rose by 16.5% to stand at €76.94 billion. As a result, the trade deficit stands at €7.2 billion, up 45.6% on a year ago.

Spanish exports outperformed those of the Eurozone and the European Union. The coverage rate (exports over imports) stood at 90.6% (92.5% in January-March 2016).

In terms of volume, exports grew by 13.3%, since prices measured by Unit Value Indices rose by 0.8%; while imports grew by 8% following a 7.9% price rise.

Spanish exports between January and March outperformed those of other major economies, except the United Kingdom (21.4%). Eurozone exports grew by 9.5% and those of the European Union as a whole by 9.7%. They also grew in France (4.2%), Germany (8.5%) and Italy (10%). Beyond Europe, exports grew in Japan (8.5%), the United States (7.3%) and China (4.2%).

All main sectors reported strong export growth. Capital goods (accounting for 19.2% of the total) grew by 10.5%; the automotive sector (17.6% of the total) grew by 8.2%, and food, drink and tobacco (17.2% of the total) grew by 14.1%.

With regard to imports, consolidation of the economic recovery is driving growth in most sectors. Imports of capital goods (20.9% of the total) increased by 15.2% year-on-year, automotive imports (13.5% of the total) grew by 6.6%, purchases of consumer manufactures grew by 4.1%, those of food, drink and tobacco by 9.7%, and those of durable consumer goods by 5.7%.

Exports to the European Union (67.1% of the total) grew by 13.1% in the first three months of the year. Exports to the Eurozone (52.4% of the total) increased by 13.6% and those to the rest of the European Union (14.7% of the total) grew by 11.2%.

The recovery in emerging countries caused exports to third countries (32.9% of the total) to increase by 16.3% in this period, with overall growth to all regions. By geographic region, the largest growth in Spanish exports was posted in Asia excluding the Middle East (25.4%), Oceania (22.5%), North America (18.5%), Latin America (12.8%), Africa (11%) and the Middle East (6.2%). By country, it is worth noting the export growth to markets with great potential, such as China (36.6%), Canada (21.7%), the United States (18.1%), Morocco (17.8%) and Mexico (8%).

The autonomous regions posting strongest export growth were the Balearic Islands (133.7%), the Canary Islands (38.3%) and Murcia (31.1%). The lowest growth was posted in Castile-Leon (3.9%), Cantabria (5.9%) and the Region of Valencia (6.4%).

LEAVE A COMMENT

Please enter your comment!
Please enter your name here

We welcome comments from readers on our website and across our social networks. We invite you to discuss issues and share your views and we encourage robust debate and criticism provided it is civil.

However we reserve the right to reject or edit comments that:

• Contain offensive language
• Include personal attacks of any kind
• Are likely to offend or target any ethnic, racial, nationality or religious group
• Are homophobic, transphobic, sexist, offensive or obscene
• Contain spam or include links to other sites
• Are clearly off topic
• Impersonate an individual or organisation, are fraudulent, defamatory of any person, threatening or invasive of another’s privacy or otherwise illegal
• Are trolling or threatening
• Promote, advertise or solicit the sale of any goods or services

You grant us a non-exclusive, royalty-free, perpetual, worldwide licence to republish any material you submit to us, without limitation, in any format.