Spain’s trade situation for the first eight months of the year shows a sharp increase in the deficit, driven mainly by energy purchases. The deficit has reached 46,461 million euros, and energy products are a significant factor in this rise. According to data released on Tuesday by the Ministry of Industry, Trade and Tourism, Spain’s overseas sales totaled 252,052 million euros by August, which is 25 percent higher than the same period in 2021, while imports climbed to 298,513 million euros, up 40.5 percent. This combination pushed the coverage ratio, the share of imports that can be paid for with exports, down to 84.4 percent, ten percentage points lower than the prior year. [Source: Ministry data]
The non energy balance posted a deficit of 10,899.8 million euros, while the energy balance swung to a deficit of 35,561.2 million euros, contrasting with a surplus of 3,723.4 million euros in the same period of 2021. These figures underscore a weak energy sector balance as non energy goods and services attempt to carry export momentum. [Source: Ministry data]
Sectoral performance reveals that the quickest gains in exports come from chemical products, which account for 18 percent of total exports, followed by equipment goods at 17.3 percent and food, drink and tobacco at 16.9 percent. Regional and sectoral nuances show that energy products remain the largest import category, while capital goods and chemical products also contribute significantly to the total import mix. [Source: Industry statistics]
Regional and market dynamics show exports to the European Union represented 62 percent of the total in the first eight months, reflecting a notable year-over-year rise of 26.1 percent compared with the same period in 2021. Exports to non-EU countries rose by 38 percent of the total, marking a 23.4 percent increase over the prior year. The leading export destinations within the EU are France, Germany, and Portugal, with shares of 15.5 percent, 9.5 percent, and 8.3 percent respectively. In addition to the United Kingdom within the EU, the United States accounted for about 5 percent, while Morocco stood at 3.1 percent for non-EU destinations. [Source: Trade data]
Cumulative export growth through August shows Portugal up 36.9 percent, France 21 percent, Italy 19.4 percent, and Germany 13.5 percent. Outside the EU, Singapore led growth at 77.7 percent, followed by Argentina, Saudi Arabia, Brazil, Mexico, and the United States, with increases ranging from 31.4 percent to 55.3 percent. Subnational data indicate that the Canary Islands registered the strongest regional export growth at around 122 percent, followed by the Balearic Islands at 61.2 percent and Madrid at 43.2 percent, while Castilla y León posted a slight decline of 0.5 percent. [Source: Regional economic statistics]
In the composition of imports by weight, energy products represented 20.6 percent of total imports and rose by 130.8 percent, followed by capital goods at 19 percent, up 26.7 percent, and chemical products at 16 percent, up 9.0 percent. Non-energy imports reached 237,142.1 million euros, up 27.6 percent from the previous year, while energy imports surged by 130.8 percent to 61,371 million euros. This contrast highlights the persistent energy gap that continues to shape the country’s external accounts. [Source: Commerce statistics]
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