this trade deficit Reached 31,963.2 million Euros According to data released this Thursday by the Ministry of Industry, Trade and Tourism, the first half of the year represents an almost six-fold increase from the same period of the previous year to 5,397.3 million euros.
This result is a result strong pull importsgrew by 40.7% period and marks a historical maximum of up to 222,882 million euros; duration exports increased by 24.8 percentUp to 190,919 million euros, also an all-time high for the period. The coverage ratio (the ratio between exports and imports) was 85.7%.
Behind this sharp increase in the foreign trade deficit, Increasing the energy deficit to 25,894 million eurosnon-energy deficit showed a balance of 6,069.4 million euros.
According to Xiana Méndez, Minister of State for Trade, Spanish foreign trade continues to show “great dynamism”, higher than that of most neighboring countries, as the evolution of Spain’s exports in June showed “very good behaviour”. all sectors.
Also, in his statement, imports further increased. consolidation in the recovery of domestic demand as well as energy products. In addition, the increase in product prices, mainly motivated by the increase in energy, continues to be the “main reason” of the deficit. “This means that the trade deficit remains similar to previous months,” Méndez said.
Commerce highlights that the annual growth of Spanish exports in the first half (+24.8%) was higher than that recorded by the EU-27 (21.8%) and the euro area (22.3%). It also exceeds those recorded by France (20.1%), the United Kingdom (16.1%), Germany (13.3%) and Italy (22.4%). Outside of Europe, sales to the USA (20.3%), China (13.2%) and Japan (15.2%) also increased.
In terms of volume, Spain’s exports increased by 6.6 percentPrices approximated by Unit Value Indices also increased by 17.1%. Prices rose 19.5%, while imports rose 17.7%.
Chemicals, energy and semi-finished products
The main positive contributions to the annual rate of change of accumulated exports in the first half of 2022, chemical products, energy products, non-chemical semi-finished products and the food, beverage and tobacco sector. No sector contributed negatively.
Exports to the European Union (62.4% of the total) increased by 26.1% in the first six months of the year, while sales to the euro area (54.8% of the total) increased by 25.4% and those to the rest of the year. The European Union (7.6% of the total) rose 31.3%.
Sales to third destinations (37.6% of the total) increased by 22.8% in this period, while Latin America (35%), North America (30.3%), Middle East (24.3%), Africa (22%) .1) and Asia (2.6%) excluding the Middle East.
The Autonomous Communities with the highest growth in exports were the Canary Islands, the Balearic Islands and the Community of Madrid (44.5%).
In June alone, the deficit jumped to 5,394 million euros with a 26.6% increase in exports (34,949 million) and a 41.1% increase in imports (40,343) compared to 977.7 million euros recorded in the same month of the previous year. million).