The energy crisis is creating a billionaire hole in the Spanish economy’s trade balance. The exorbitant increases in oil and natural gas prices so far this year are triggering the gap between Spain’s purchases and sales of energy products. Only the very strong increase in prices between January and February of this year, energy deficit will increase to 6,984.5 million eurosmore than double the 3,110 million in the same period of the previous year
Record-breaking imports of crude oil and natural gas and energy products since the weeks before Russia’s military invasion of Ukraine (oil, gas, coal and electricity) increased by 125.8% to EUR 11,804 million between January and February. Spain’s exports also grew strongly at 127.7%, but at a much lower volume to 4,819 million, which explains the country’s huge energy deficit.
According to the latest report of the Ministry of Industry, Trade and Tourism foreign trade, Spain bought oil and derivatives from abroad for 7.608 million in two months, 87.6% more; gas imports exceeded 3,260 million, 270% more; coal and electricity rose 221% to 935 million.
Spanish exports also grew strongly, but at much lower volumes in overall volume. Sales of petroleum derivatives to other countries are 3.638 million, 92% more; gas nearly more than six-folded at 213 million; coal, and especially electricity, increased fivefold to reach 967 million.
Historical export record
Spain has traditionally had a huge dependence on energy from abroad, and this lack of autonomy in the midst of a price crisis has been a serious blow to the entire trade balance of the Spanish economy. This Spain’s exports break all-time record in the first two months of the year, with a growth of 28% compared to the previous year, with 56,521 million euros. However, the increase in the cost of imports increased even more, increasing 43.5% to 67,295 million. The balance between both elements is a 10,774 million deficits in just two months, almost four times more more than the 2,850 million holes last year.
“Exports and imports continue to grow strongly in February. It is noteworthy that trade in Spain is growing faster than many of the main economies around us,” he said. Xiana Méndez, Minister of State for Trade. The cumulative data for Spain shows a larger share in exports than those recorded by Germany (12.8%) and France (23%), the United States (18.4%), China (13.6%), Japan (14.4%). shows growth. ) or the United Kingdom (19.3%).
In the January-February period, the main positive contributions of exports came from the chemical products sector (8.2 points), energy (6.1 points), non-chemical semi-finished products (4.4 points) and food, beverages and tobacco (2.8 points). . . In imports, the largest contribution was recorded in energy products (14 points), chemical products (9.4 points), capital goods (4.9 points) and non-chemical semi-finished products (4.8 points).