The rise in energy prices, exacerbated by Russia’s military occupation of Ukraine, is causing a billionaire break in the Spanish economy’s trade balance. The rise in oil and natural gas The country’s energy deficit reaches 11,052 million euros in the first quarter alone, more than double the 4.883 million in the same period of the previous year.
In the first three months of the year, imports of energy products (oil, gas, coal and electricity) increased by almost 129% It is in the full spiral of energy prices rising to 19,197 million euros. Spain’s exports also grew in the gap between the same Spain’s purchases and sales of energy products. the rate is 8,145 million, 129%, but with a much lower total volume.
In March alone, the first full month since the start of the war in Ukraine, the energy deficit grew by 4,068 million euros, corresponding to 6,984 million euros that the Spanish economy had accumulated in the first two months of the year due to the difference between imports and imports. export of energy products
According to the latest report of the Ministry of Industry, Trade and Tourism on foreign trade, Spain purchased 12,088 million petroleum and derivative products from abroad in three months, 82.5% more; gas imports exceeded 5.406 million, 308.5 more; coal and electricity rose 283% to 1,703 million. Spain’s exports also grew strongly (exports of oil and derivatives are 90% more; gas exports increased fivefold and coal and especially electricity exports increased sixfold), but at much lower volumes than purchases in the Outer Region.
Export record, rapidly increasing deficit
toSpain’s exports set a new record with 89.611 million in the first three months of the year On the other hand, there was a 23.9% growth in Euro compared to the previous year. However, due to the energy crisis, the increase in the cost of imports increased even more, reaching 105,027 million, an increase of 39%.
The balance between both elements, more than 15,416 million open in just three months, Almost five times more than last year’s 3,262 million hole, as a result of Spain’s enormous reliance on foreign energy, and with the obvious impact on the overall balance of trade of the Spanish economy in the midst of a price crisis.
“The dynamism of foreign trade in March continues with exports and imports slowing their growth but continuing to advance at a high rate despite the complexity of the current international environment,” Trade Minister Xiana Méndez said on Tuesday. Said. . The government’s backlog for Spain shows a higher export to March (23.9%) than other major economies such as France (20.3%), Germany (11.1%) and the United Kingdom (10.0%). It has been underlined that the increase ), USA (18.4%), China (13.4%), or Japan (14.5%).