Spain exported between January and June for 140,876 million euros, the highest figure in the series
The sharp increase in imports caused the deficit to increase to 11,088 million euros
Foreign sales evolve better than in the EU and in the euro zone
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, historical maximum of the series for the accumulated in this period. Imports increased by 11.8%, to 151,964 million euros, also the maximum in the series. As a result, the trade deficit of the first six months of the year stood at 11,088 million euros, 40.7% more than the one registered in the first half of 2016. Spanish exports showed better evolution than those of the whole area 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 by 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 in accumulated surplus until June 2016) while the energy deficit increased 42.3%, to 11,351 million euros (7,978 million euros 2016).
The growth of Spanish exports between January and June exceeds that of its surroundings: in the euro zone as a whole they rose 7.7% and in the European Union 7.9%. The exports of 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 Spanish.
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 goods, 4.1%, and food, beverages and tobacco, 7.8%.
Exports to the European Union (66.6% of the total) amounted to 9.6% in the first six months of the year. Sales to the euro zone (52.2% of the total) increased 10.1% and those destined for the rest of the European Union (14.4% of the total), grew 7.7%.
Outside the EU, sales to third destinations (33.4% of the total) grew 11% in this period, with increases in exports to Oceania (15%), Asia excluded Middle East (14.8%), America Latin (12.5%), North America (10.1%) and Africa (8.3%). On the contrary, exports to the Middle East declined (-2.2%). The increases in sales 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 their 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 the month of June, Spanish merchandise exports rose 5.7% over the same month of 2016, to 23,979 million euros. On the other hand, imports increased by 5% to 25,238 million euros. As a result, a deficit was recorded in June of 1,259 million euros, 7.2% lower than in the same month of 2016. The coverage rate stood at 95%, 0.6 percentage points higher 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 of Spain (5.7%) is greater than that of the euro zone (3.7%) and the European Union (4%). They also grew in greater magnitude than the exports of France (2.4%) and Germany (0.7%). The best evolution was Italy (8.2%) and the United Kingdom (14.7%). 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 products (0 , 8 points). The only sector with a significant negative contribution was the automobile, with -0.7 points.
Exports to the EU accounted for 66.8% of the total (66.6% in June 2016) and grew 6.1%. Those directed to the euro zone rose 6.7% and those destined for the rest of the EU increased 4.1%. Of the main partners, the increases in sales to the Netherlands (24.1%), France (8.6%), Italy (5.1%) and Germany (4.9%) stand out, while those aimed at United Kingdom (-4.4%). Outside the EU, increases in exports to Australia (31%), Canada (24.1%), China (22.3%) and Argentina (15.4%) stand out, compared to declines in sales to Algeria ( -15.3%), Japan (-7.8%) and the US (-7.2%).