El Spain's trade deficit experienced a reduction in 2,7 % year-on-year in the period between January and November 2024, standing at 36.154 millones de euros, according to the Monthly Foreign Trade Report of the Ministry of Economy, Trade and Enterprise. This decline is mainly due to the continued reduction of energy deficit, which fell by 8,6% to €28.093 billion.
In general terms, the Spanish exports During this period they totaled 354.726,5 million euros, remaining almost stable compared to the previous year. On the other hand, the imports rose to 390.880,9 million euros. The coverage rate improved slightly to 90,8%, reflecting an increase in the country's capacity to cover its imports with exports.
Outside the European Union, UK exports increased by 3,5% year-on-yearthe United States' 5,4% year-on-year
The sectors that recorded the largest surpluses were food, beverages and tobacco (16.686,9 millones de euros), followed by the automotive sector (8.121,1 million) and non-chemical semi-manufactured products (6.224,5 million). In addition, the trade surplus with the European Union grew to the 29.397 millones de euros, highlighting France (19.628,9 million), Portugal (14.462,6 million) and the United Kingdom (12.660 million) as the main trading partners with a positive balance.
By autonomous communities, Castilla y Leon led the growth in exports with an increase of 17,7 %, followed by the Canary Islands (13,7 %) and Extremadura (12 %). Also, the number of regular exporters increased by 4,8 %, reaching the 45.653, already exceeding the total figure recorded in 2023.
As for the specific month of November 2024, exports reached 32.640 millones de euros, although they represented a drop of 6,4 % compared to the same month of the previous year; however, this decrease was smaller when adjusted for seasonal effects (-3,5%). In international comparison within the same month: Germany, (-6%), France (-5%) And Italy (-2%) also showed similar falls while outside Europe positive increases were highlighted such as United States (+5%) or China (+5%).
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