The first quarter shows a trade deficit of 15,416.5 million euros, a level that stands out when compared to recent periods. This figure is a reflection of energy costs that remained elevated during the period, amplifying the import bill and shaping the overall balance of trade.
Latest data from the foreign trade report released this Tuesday by the Ministry of Industry, Trade and Tourism indicate that Spain’s exports of goods rose by 23.9% in the period, reaching 89,611.3 million euros. Imports grew more rapidly, increasing by 39% to 105,027.8 million euros, driven largely by higher energy purchases.
The growth in imports relative to exports kept the coverage ratio — exports divided by imports — at 85.3%, signaling a still sizable gap between what the country sells abroad and what it buys from abroad.
In a breakdown by component, the non-energy balance posted a deficit of 4,364 million euros, while energy contributed a substantial deficit of 11,052 million euros. The surge in energy import values, up by 57.5%, explains much of the overall price increase accompanying the trade figures.
Import and export, maximum
The 15,416 million euro deficit stands as the highest for a first quarter since 2008, when the quarterly data for both exports and imports reached peak values for the period.
State Minister for Trade Xiana Méndez stated that the data illustrate ongoing foreign trade dynamism in March. Exports and imports continued to grow at a high rate despite the broader global environment, even as momentum was tempered by international complexities.
By sector, the drivers of export improvement through March included chemical products, rising 45.1% year on year, alongside energy, which increased by 128.9%. The automobile sector, however, contributed negatively to overseas sales with a slight decline of 0.6% over the same period.
In terms of destination markets, exports to the European Union accounted for 63.4% of the total and rose by 28.4% in the first three months of the year, while exports to third-country destinations, representing 36.6%, grew by 16.9%.
Among autonomous communities, the largest increases in exports were recorded in the Canary Islands, Madrid, and Andalusia. Overall, Spain’s export growth in the first quarter of 2022 outpaced that seen in France, Germany, and the United Kingdom.
On the import side, energy contributed the most to the expansion in foreign purchases, surging by 128%. Looking at March in isolation, exports reached 33,090 million euros, a new record, while imports climbed to 37,732 million euros, also an all-time high for the month. The corresponding monthly deficit stood at 4,641.8 million euros, marking a significant rise from March 2021, and the coverage rate stood at 87.7%.