Spain's trade deficit narrowed by 34,4% year-on-year in July 2024, standing at 3.214 billion euros, according to data from the Monthly Foreign Trade Report of the Ministry of Economy, Commerce and BusinessThis decline is due to the solid performance of the foreign sector, with exports reaching an all-time high for the month of July of 33.269,6 million euros, 9,3% more than in the same month of 2023. Imports grew by 3,2%, to 36.483,3 million euros, registering the second highest figure in history for this period.
El Non-energy deficit fell by 53,8%, while energy fell by 17,5%. In addition, energy exports showed a strong increase of 13,1%, mainly in gas, oil and derivatives.
By destination markets, exports to the European Union-27 accounted for 59,4% of the total
En international terms, Spanish exports grew more than those of the Eurozone (7,4%) and the European Union (7,2%), standing out against economies such as Germany, (5,4%) and France (7,1%). Significant trade surpluses were also recorded in sectors such as food, automobiles and non-chemical semi-manufactured goods.
By destination markets, exports directed to the European Union-27 accounted for 59,4% of the total, with an increase of 5,8%, while exports to non-EU markets grew by 14,9%. The most notable surpluses were achieved with France, Portugal and the United Kingdom.
In the cumulative period from January to July 2024, exports reached 228.375 million euros, which represented a slight decrease of 0,9% compared to the previous year, while imports totaled 247.411,3 million euros. The accumulated trade deficit was reduced by 10,7% to 19.036,2 million euros. The autonomous communities that increased their exports the most were Canary Islands, Extremadura and Castilla y León, with increases of 21,7%, 14,5% and 11% respectively.
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