Exports grow by 12,6% and mark a new historical high

The trade deficit reached 5.741 billion euros

Spain exported between January and February worth 43.516 million euros.

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Spanish merchandise exports In the January-February period they grew by 12,6% compared to the same period of the previous year and reached 43.516 million euros, the historical maximum in the series for the accumulated amount in this period. The imports They rose 15,1% to 49.256 million. As a result, the trade deficit of the first two months of the year stood at 5.741 billion euros, 38,4% more than in January-February 2016. Spanish exports recorded a better evolution than those of the whole the euro area and European Union.

 

La coverage rate -exports over imports- stood at 88,3% (90,3% a year earlier).

 

In terms of volume, the exports rose by 12,2%, since prices, approximated by Unit Value Indices (IVUs), increased by 0,3%; and the imports grew by 8,6%, as their prices increased by 6%.

 

The non-energy balance showed a deficit of 940 million euros (deficit of 1.501 million in January-February 2016) and the energy deficit grew by 81,4% to 4.800 million (2.646 million deficit in 2016).

 

The evolution of Spanish exports between January and February is significantly better than the surrounding area: in the euro zone they increased by 8%; in the EU-28, 7,9%. In Italy Foreign sales grew by 7,2%; Germany, , 7,1%; and in France, 1,1%. They also increased less than in Spain the sales of U.S. (6,9%) and those of Japan (6,5%), while in China contracted slightly (-0,2%). The only country among the large countries with a better performance in exports was United Kingdom, where they rose by 19,2% spurred by the depreciation of the pound.

 

In addition, in the cumulative total up to February 2017, the number of exporters increased by 1,2% compared to the same period in 2016, and the number of regular exporters (those who have been exporting for at least three consecutive years) increased by 1,7%.

 

The main sectors experienced growth in their exports. Capital goods (representing 18,6% of the total) rose by 7,5%; food, beverages and tobacco (17,6% of the total) increased by 13,3% and automobiles (17,6% of the total) increased by 7,2%.

 

 

 

Sales abroad are evolving better than in the EU and the euro zone

 

 

 

In imports, the consolidation of the economic recovery explains the growth in most sectors. Thus, capital goods imports (20,5% of the total) rose by 13,9%; energy products (15,4% of the total) grew by 81,5%; those of automotive sector (13,3% of the total) increased by 2,7%; consumer goods by 4,5%; and food, beverages and tobacco by 9,2%.

 

By geographical areas, exports directed to the UE (67,8% of the total) grew by 12,3% in the first two months of the year. Those destined for third destinations rose by 13,2% year-on-year in this period, and now account for 32,2% of the total, with the growth of exports to third countries standing out. Asia excluded Middle East (24,5%), Oceania (16%), North America (7,7%), Africa (7,5%), Latin America (7,3%) and Middle East (3,5%). By country, the increases in China (37,2%), India (27,1%), Morocco (17,8%), Brazil (13,3%), Argentina (10,5%) Australia (8,8%) and Japan (7,1%).

 

The autonomous communities with the greatest growth in their exports were Illes Balears (63,5%); Principality of Asturias (42%) and the Murcia (39,8%). Only Castilla y Leon saw its exports decline (-2,1%).

 

Data for the month of February

 

In February the merchandise exports increased by 8,3% compared to the same month in 2016, to 22.076 billion euros. Imports increased by 11,4% to 24.682 billion euros. As a result, a deficit of 2.606 billion euros was recorded in February, 48% more than in February 2016. The coverage rate stood at 89,4%, 2,7 percentage points lower than in February 2016.

 

The non-energy balance showed a deficit of 85,2 million euros (deficit of 559,2 million in February 2016) and the energy deficit doubled (+109,7%).

 

The increase in exports from Spain in February is higher than that recorded in the euro zone (4,8%), in the European Union (4,4%), Germany, (3,1%), Italy (2,3%) and France, where they decreased slightly (-0,2%). The exception is the United Kingdom, whose exports increased by 11,3%.

 

In February, the main contributions to the growth of the exports The main contributors to the decline were energy products (contributing 2,1 points), food, beverages and tobacco (1,6 points), the automobile sector (1,3 points) and consumer goods (1,2 points). The only sectors that made a negative contribution were other merchandise (-0,2 points) and consumer durables (-0,1 points).

 

In February, exports to the European Union represented 67,7% of the total (67% in February 2016) and rose by 9,5%. Those destined for the Eurozone increased by 8,3% and those destined for the rest of the EU increased by 14%. Of the main partners, the increases in sales to Italy (21,4%), United Kingdom (13,4%), France (6,3%) and Germany, (2,9%).

 

Spain's trade surplus with the European Union The trade deficit with the euro area stood at 1.093 billion euros in February (a surplus of 824 million euros in February 2016). The trade balance with the euro area registered a surplus of 623 million euros (a surplus of 593 million euros in February 2016). The trade deficit with non-EU countries increased by 43,1% compared to a year earlier, reaching 3.699 billion euros.