this energy crisis A blow to the Spanish economy. The rise in energy prices, exacerbated by Russia’s military occupation of Ukraine, Broken billionaire in balance of trade Spanish economy
Increase in natural gas and oil prices, Country’s energy deficit rises to 40,056m euros According to the records of the Ministry of Industry, Trade and Tourism, this is more than double the deficit of 16,392 million in the January-September period of this year compared to the same period of the previous year.
In the first nine months of the year, imports of energy products (oil, gas, coal and electricity) jumped almost 127% to €69,231m amid a spiral of rising energy prices. Spain’s exports also increased by 107%, almost at the same rate, through September, but at a much lower total volume of 29,175 million. A huge lag between energy purchases and sales causing the gap to continue to grow with increasing negative balance.
According to the latest report by the Minister of State for Trade, Spain bought oil and derivatives from abroad for about 44,700 million in nine months, 90.7% more; gas imports were 298% higher, approaching 19,700 million; coal and electricity rose 132% to 4,850 million. this Exports from Spain are also feeling the impact of rising prices and growing strongly (oil and derivatives 83% more; gas quadrupled and coal and especially electricity more than doubled), but at much lower volumes than purchased abroad.
Export registration
Spain traditionally huge foreign dependency on energy and this lack of autonomy in the midst of a price crisis dealt a severe blow to the overall trade balance of the Spanish economy. At a time when the Spanish economy broke an all-time record in total exports, the balance large deficit due to its weight energy bill.
This year alone, Spain posted a trade deficit of 53,437 million euros, four times the broken 13,267 million it had accumulated in the first nine months of 2021; euros), or more than double what was reached before covid in 2019 (25,445 million).
Spain’s exports reached an all-time high of 286 billion 673 million euros in the first nine months of the year, growing by 24.7% compared to last year. But the increase in the cost of imports was even greater due to the energy crisis, reaching 340,110 million, an increase of almost 40%.
Source: Informacion
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