An analysis of Spanish foreign trade figures for the first quarter of 2003 reveals strong growth compared to the same period of the previous year. Improved prospects for some European economies and the United States, the end of the war in Iraq, and the initial signs of recovery in some European markets have been key factors in this export performance.
Spanish exports for the first half of 2003 totaled €70.091,8 million, representing a 7,4% increase compared to the same period in 2002. The automotive (10,5%) and chemical (10,6%) sectors were the best performers in exports during the first half of 2003, compared to the national average. Conversely, the durable goods and consumer raw materials sectors declined by 2,1% and 1% respectively, due to the weak European economies, their most important export market.
As regards imports, in the January-June period they reached 90.645,5 million euros, maintaining the growth rate that had been occurring in the previous semester (9% compared to the same period in 2002).
In this chapter, semi-finished products show the strongest growth (16,1%), followed by capital goods (9,9%). Therefore, consumption has driven imports by 11,1% and 9,5% for durable and immediate consumer goods, respectively.
It is interesting to observe the evolution of Spanish foreign trade considering the different geographical areas of origin and destination, revealing that European Union countries are consolidating their position as key to our markets. In the first half of the year, exports to the EU grew by 9,2%, exceeding total exports. Sales to some of these countries performed as follows: Germany +12,7%, Italy +15,1%, France +8,7%, and the United Kingdom +1,3%.
Exports to countries outside the EU grew by only 2,8%, with Latin America showing the largest decline at -13% and China at +47,5%, a country that consolidates and confirms its market expectations. On the other hand, imports from the European Union saw the greatest growth during the period at 10%, reaching 64% of the total. Among the other regions, purchases from Asian and African countries increased by 11,7% and 10,8% respectively, while imports from Latin America declined by 8,8%.
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