- In the first seven months of 2012, merchandise exports increased 3.7% year-on-year and the coverage rate increased 3.5 points
- In this period, there is a trade surplus with the EU of 7,063.9 million euros and with the euro area of 4,684.6 million
- In July, the non-energy surplus reached 1,636 million euros, the highest since 1995, and the coverage rate stood at 92.1%
- In July, exports increased above five percent and the coverage rate also increased
In the first seven months of 2012, Spanish merchandise exports stood at 129,574.6 million euros, a value 3.7% higher than the same period in 2011. This data points to a consolidation and even a slight increase in the notable increase in exports recorded in 2011 over 2010. Regarding imports, they have registered a decrease of 0.5% year-on-year, to 149,908.7 million euros. In the January-July period, the trade deficit has decreased by 20.9% in year-on-year terms, reaching 20,334.1 million euros.
The trade balance with the EU reaches a surplus of 7,063.9 million euros, almost double the one reached in January-July 2011 (3,600.5 million euros). The euro area also registers a significant increase in the surplus, going from 1,885.7 million euros in January-July 2011 to 4,684.6 million euros in the same period in 2012.
The energy deficit increases by 13.4% year-on-year, although the non-energy surplus continues to increase: it has gone from a deficit of 1,829.9 million euros in January-July 2011 to a surplus of 6,741.8 million euros in that goes from 2012.
Lastly, the coverage rate for the period was 86.4%, a result 3.5 percentage points higher than that achieved in the first seven months of 2011.
Analysis by sector: exports
In the January-July 2012 period, all exporting sectors have experienced positive behavior except for the automobile and non-chemical semi-manufactures. The main sectors have been capital goods and food, with respective shares of 19.5% and 15.1% of the total. The former have increased 1.3% in year-on-year terms and the latter have increased by 11.2%.
Exports of chemical products (14.4% of the total) have also shown positive records, which have grown by 5.7%. Non-chemical semi-manufactures (11.9% of the total) have fallen 1.5%.
Exports from the automobile sector (14.6% of the total) fell by 9.4%, with falls of 12.4% in the finished vehicles heading and 2.5% in the components heading.
Foreign sales of consumer manufactures (8.2% of the total) have grown 8.3% compared to the values of the first seven months of 2011.
Exports of energy products (6.9% of the total) have registered an increase of 14.3%, with increases of 175.7% in the gas heading, 38.3% in that of coal and electricity and 9 0.0% in oil and derivatives.
Lastly, sales abroad of raw materials (2.8% of the total) have grown by 7.4%, as have those of durable consumer goods (1.6% of the total), with an increase of 4, 1% in the interannual rate.
Analysis by sector: imports
Regarding imports, energy products (the main importing sector of the period, with a share of 24.0% of the total) have grown by 13.6%. By items, there have been increases of 11.8% in purchases of oil and derivatives and 19.7% in purchases of gas.
Purchases of capital goods abroad (with a share of 16.8%) have decreased by 7.2% year-on-year, while those of chemical products (15.2% of the total) have increased by 2.1%.
Imports from the automobile sector (9.9% of the total) have decreased 8.1%, as a result of the 7.6% decrease in purchases of finished vehicles and the 8.3% decrease in component purchases.
Foreign purchases of food (10.5% of the total) and consumer manufactures (9.3 of the total) have shown opposite behavior, registering an increase of 4.1% in the first case and a reduction of 5.9% in the second, with respect to the values of the first seven months of 2011.
Geographical analysis: exports
So far in 2012, exports to the European Union (63.7% of the total) have decreased by 0.5% and sales to the euro area (50.7% of the total) have also decreased by 1.2%. On the contrary, exports to non-euro zone EU countries have increased which, with a share of 13.1% of the total, have increased by 2.4%.
Sales to France (main destination of our exports in the period, with a share of 17.1%) have fallen by 2.0%, while sales to Germany (10.7% of the total) have experienced an increase of 8.7%.
Exports to countries such as Belgium (3.5%) and the Netherlands (4.8%) have increased compared to the values of the first seven months of 2011, and exports to countries such as Portugal (-7.9%) have decreased. ), Italy (-6.4%), and the United Kingdom (-2.5%).
Sales to non-EU destinations (36.3% of the total in the first six months of 2012) have registered an increase of 11.8% compared to the values of the same period of the previous year. Exports to all these geographical areas are growing, except in the case of the Rest of America, which only represents 0.1% of the total. Exports to non-EU European countries have increased 4.0% and 5.7% to those of North America.
For their part, exports to African countries have grown by 28.8% (22.4% in the case of Morocco), to Asia by 18.7% compared to the values of the first seven months of 2011. (13.6% for China and 24.3% for Japan) as well as for destinations in Latin American countries, 15.6% and the Middle East, 13.2%.
Geographical analysis: imports
Regarding imports, those from the European Union (50.4% of the total) have decreased by 4.9% in interannual terms. For its part, purchases from countries in the Euro Zone (40.7% of the total) have fallen by 5.6%.
Imports from the main Community suppliers have only increased in year-on-year terms during the first seven months of 2012, those from Ireland (3.9%) and the Netherlands (6.2%). Purchases from France (10.8% of the total) have decreased by 4.2%, as well as from Germany (10.8% of the total), where they have shown negative records, with a drop of 8.4%. The rest have also shown declines: Belgium (-12.2%), Italy (-7.8%), Portugal (-3.1%) and the United Kingdom (-3.3%)
Imports from countries outside the European Union (49.6% of the total for the period) have increased by 4.3% year-on-year. In this sense, purchases from Latin American countries have increased by 41.1% and from African countries have increased by 18.2%.
In contrast, purchases from non-EU European countries have decreased by 5.4%. Likewise, imports from Asia have decreased (-5.4%, -3.5% for China and -5.3% for Japan), as well as those from North America (-3.5%, with a -3.9% decrease for the United States).
Trade balance
The trade balance in the period January-July 2012 reaches a deficit of 20,334.1 million euros, 20.9% less than in the same period in 2011, when it stood at 25,708.2 million euros.
The trade balance with the European Union registers a surplus of 7,063.9 million euros, almost double the one registered in the period January-July 2011 (3,600.5 million euros). Likewise, there is also a surplus with the euro area estimated at 4,684.6 million euros, well above the one reached in the same period of the previous year when it stood at 1,885.7 million euros.
Finally, compared to non-EU countries, a trade deficit of € 27,398.0 million has been recorded, which represents a decrease of 6.5% in the interannual rate. The geographical areas with the largest trade deficits are Asia (12,836.6 million euros), Africa (7,640.6 million euros) and Latin America (3,924.2 million euros).
July 2012
In July 2012, exports stood at 19,600.2 million euros while imports reached 21,292.8 million euros. Thus, the former have grown by 5.2% and the latter by 5.0% year-on-year.
As a result, the merchandise trade deficit has registered an increase of 3.1% year-on-year, standing at 1,692.6 million euros. The energy deficit has experienced a 7.1% increase, although the non-energy balance has registered a surplus of 1,636.0 million euros, the largest surplus recorded since 1995 and an 11.6% year-on-year increase.
Finally, the monthly coverage rate has been 92.1%, 0.2 percentage points higher than that observed in July 2011.
Analysis by sector: exports
The main Spanish exporting sectors have been capital goods (20.7% of the monthly total), chemical products (14.2% of the total) and food (14.1% of the total). With year-on-year increases of 7.1%, 7.5% and 22.8%, respectively.
Exports from the automobile sector, which represent 13.8% of the total, have decreased by 6.3%. By headings, there have been decreases of 12.2% in sales of finished vehicles and an increase of 9.6% in those of components.
Exports of non-chemical semi-manufactures (11.4% of the total) have decreased by 21.9%, while those of consumer manufactures (8.4% of the total) have registered an increase of 17.2% and exports of Energy products (7.9% of the total) have grown by 24.5%.
Analysis by sector: imports
Regarding imports, those of energy products (22.9% of the monthly total) increased by 12.1% year-on-year in July 2012. By heading, purchases of oil registered an increase of 12.1% and of gas have increased by 14.2%.
Imports of non-energy products (77.1% of the total) have increased 3.1% in relation to the values observed in July 2011.
Purchases of capital goods abroad (16.2% of the total) have decreased by 1.1% in the interannual rate and imports of chemical products (15.7 of the monthly total) have increased at an interannual rate of 7.0 %.
For their part, imports from the automobile sector (9.5% of the total) have registered an increase of 0.5%, as a consequence of the 3.3% drop in purchases of finished vehicles and the increase of 2.9 % on component purchases.
Food imports (11.0% of the total) have experienced an increase of 10.3% in the interannual rate and those of consumer manufactures (10.9% of the total), have increased by 9.4%. While imports of non-chemical semi-manufactured goods (6.6% of the total) have decreased at an interannual rate of 10.6%.
Geographical analysis: exports
In the month of July 2012, exports to the European Union (61.3% of the monthly total) decreased by 2.2% in the interannual rate. However, sales to countries in the euro area (49.3% of the total) have increased by 0.7%.
Exports to France (our main client with a share of 16.1%) have fallen by 4.3%, while sales to Germany (10.5% of the total) have shown a growth of 17.2% year-on-year.
Decreases have been observed in sales to our main community destinations, as in the case of Italy (-3.1%), Portugal (-0.3%), the United Kingdom (-3.4%) and Belgium (-3, 7%). Conversely, exports to the Netherlands (4.9%) and Ireland (22.7%) have increased.
Exports to countries outside the European Union (38.7% of the total in July 2012) have registered a growth of 19.4% compared to the values of the same month in 2011. All these geographical areas have experienced increases in Exports in July 2012, with the exception of the Middle East (-0.1%), which represents 3.0% of our total sales.
In this sense, sales to non-EU countries in Europe have increased by 22.8%. Likewise, exports to Africa (39.2%, 30.5% in the case of Morocco) and Asia (22.0%, with 32.5% for China and 62.3% for Japan) have increased. ).
Similarly, sales to North America have posted an increase of 28.9%, with an advance in exports to the United States of 30.6% year-on-year. For its part, exports to Latin America have increased by 13.8%, with an increase of 18.5% for Brazil.
Geographical analysis: imports
In July 2012, imports from the European Union (49.3% of the monthly total) increased by 2.2% in year-on-year terms. In the case of purchases from countries in the euro zone (39.9% of the total), the increase was 0.8%.
Imports from France (10.7% of the total) have fallen 1.8%, while those from Germany (10.8% of the total) have increased 0.7% compared to the values of July 2011.
For its part, purchases from the United Kingdom have risen 8.5% and 4.3% from Italy. Imports originating in the Netherlands (+ 4.4%) and Belgium (+ 7.3%) have behaved in the same direction.
Imports from countries outside the European Union (50.7% of the monthly total) have shown an increase of 7.9% compared to the values of July 2011.
Purchases from Asian countries have increased by 5.8% (6.6% in the case of China and -6.3% in that of Japan), on the contrary, those from non-EU European countries have registered a year-on-year drop of 4.3% and those of North America, a decrease of 5.7%.
Purchases from the Middle East, Oceania and Rest of America have registered the largest year-on-year decreases (-32.8%), (-30.8%) and (-11.3%), respectively. However, imports from Africa (31.7%) and Latin America (50.2%) have made significant progress
Trade balance
The merchandise trade balance shows a deficit of 1,692.6 million euros, which represents an increase of 3.1% compared to the same month in 2011 (1,641.5 million euros). The trade balance with the European Union registers a surplus, in this case of 1,524.4 million euros, 24.3% less than that registered in the same month of the previous year, amounting to 2,013.3 million euros. Likewise, there is a surplus against the euro area, specifically for a value of 1,163.2 million euros, in this case 0.3 percentage points higher than that registered in July 2011.
Finally, there is a deficit with non-EU countries, which decreases 12.0% compared to July 2011 values, to stand at 3,217.0 million euros. Asia, Africa and Latin America are the geographical areas with the highest trade deficits, 1,988.7 million euros in the first case, 935.3 million euros, in the second and 825.5 million euros, in the latest.
