Spain exported between January and June worth 140,876 million euros, the highest figure in the series

The strong increase in imports caused the deficit to increase to 11,088 million euros

Sales abroad evolve better than in the EU and the euro area

Spanish merchandise exports in January-June of this year increased by 10% compared to the same period of the previous year and reached 140,876 million euros, the highest in the series for the accumulated in this period. Imports increased 11.8% to 151,964 million euros, also the highest in the series. As a result, the trade deficit in the first six months of the year stood at 11,088 million euros, 40.7% more than that registered in the first half of 2016. Spanish exports showed better evolution than those of the area as a whole euro and the European Union.

The coverage rate -exports on imports- stood at 92.7% (94.2% in January-June 2016), which constitutes the third best record in the entire historical series, only exceeded in 2013 and 2016.

In terms of volume, exports increased 9.6%, as prices, approximated by the Unit Value Indices (IVUs), rose 0.4%, and imports grew 5.4%, as the prices 6.1%.

The non-energy balance showed a surplus of 262 million euros (99 million euros of surplus in the accumulated until June 2016) while the energy deficit increased by 42.3%, to 11,351 million euros (7,978 million in 2016).

The growth of Spanish exports between January and June exceeds that of its environment: in the euro area as a whole they rose by 7.7% and in the European Union by 7.9%. Exports from Italy (8%), Germany (6.1%) and France (3.5%) also increased to a lesser extent, while the United Kingdom (18.3%) showed a better evolution. Sales from the US (6.7%), China (5.3%) and Japan (9.5%) also grew, although at lower rates than the Spanish ones.

The main sectors experienced growth in their exports. Capital goods (representing 20% ​​of the total) increased by 8.8% and food, beverages and tobacco (17% of the total) grew by 9.7%. The growth of the automobile sector (17.2% of the total) was weaker, 0.1%.

In imports, the consolidation of the economic recovery explains the growth of most sectors. Thus, those of capital goods (21.4% of the total) increased 10% year-on-year, those of energy products (13.6% of the total), 51.7%; those of the automobile sector (13.5% of the total), 2%; consumer manufactures, 4.1%, and food, beverages and tobacco, 7.8%.

Exports to the European Union (66.6% of the total) rose 9.6% in the first six months of the year. Sales to the euro area (52.2% of the total) increased by 10.1% and sales to the rest of the European Union (14.4% of the total), grew by 7.7%.

Outside the EU, sales to third destinations (33.4% of the total) grew by 11% in this period, with increases in exports to Oceania (15%), Asia excluding the Middle East (14.8%), America Latin (12.5%), North America (10.1%) and Africa (8.3%). Conversely, exports to the Middle East fell (-2.2%). The sales increases to markets with great potential such as China (27.1%), Canada (23.6%), South Africa (20.6%) and Mexico (15.8%) stand out.

The Autonomous Communities with the highest growth in exports were the Balearic Islands (124.6%), the Canary Islands (37.7%) and Murcia (23.5%). The greatest decreases were in Castilla y León (-4.8%), Cantabria (-2.2%) and Navarra (-1%).

Data for the month of June

In June, Spanish merchandise exports rose 5.7% over the same month in 2016, to 23,979 million euros. On the other hand, imports increased 5% to 25,238 million euros. As a result, a deficit of 1,259 million euros was registered in June, 7.2% lower than the same month in 2016. The coverage rate stood at 95%, 0.6 percentage points more than in June 2016 .

The non-energy balance showed a surplus of 172.8 million euros (deficit of 33.2 million euros in June 2016) while the energy deficit increased by 8.2%.

The growth of exports in June from Spain (5.7%) is greater than that of the euro area (3.7%) and the European Union (4%). They also grew to a greater extent than exports from France (2.4%) and Germany (0.7%). Italy (8.2%) and the United Kingdom (14.7%) had the best evolution. Outside the EU, the United States (6.4%), China (9.1%) and Japan (9.7%) showed significant dynamism in their exports.

In June, the main contributions to export growth came from energy products (contribution of 1.7 points), food, beverages and tobacco (1.5 points), chemical products (0.9 points) and consumer manufactures (0 , 8 points). The only sector with a significant negative contribution was the automobile, with -0.7 points.

Exports to the EU represented 66.8% of the total (66.6% in June 2016) and grew 6.1%. Those directed to the euro area rose 6.7% and those destined for the rest of the EU increased 4.1%. Of the main partners, sales increases to the Netherlands (24.1%), France (8.6%), Italy (5.1%) and Germany (4.9%) stand out, while those directed to United Kingdom (-4.4%). Outside the EU, the increases in exports to Australia (31%), Canada (24.1%), China (22.3%) and Argentina (15.4%) stand out, compared to decreases in sales to Algeria ( -15.3%), Japan (-7.8%) and the USA (-7.2%).

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