Spain Trade Gap Narrows 34% YoY in June


Spain's trade deficit dropped 34 percent to €1.4 billion in June 2016 from €2.0 billion a year earlier, as exports rose 2.1 percent while imports fell 0.9 percent. In the first half of the year, the trade deficit fell 31.4 percent to €7.9 billion, driven by a 2.3 percent increase in exports, which hit a new record high for that period.

Total exports rose 2.1 percent year-on-year to €22.681 million, hitting its highest value since the beginning of the historical series for a June month. Contributions to export growth came from the automotive sector (contribution of 2.7 points), capital goods (1.5 points), food, beverages and tobacco (0.9 points) and articles consumption (0.4 points). On the contrary, the only sectors that contributed negatively were other goods (contribution of -1.6 points), chemical products (contribution -0.8 points), non-chemical semi-manufactured good (contribution -0.7 points) and energy products (-0.4 points).

Exports to the EU rose 6.4 percent year-on-year; those for the euro zone increased by 4.6 percent and those to the rest of the European Union went up 13.6 percent. Among our main partners, exports rose to Germany (+8.9 percent), Italy (+18 percent) and the UK (+19.4 percent). Exports to countries outside the European Union fell 5.4 percent from the same month last year. By region, sales dropped to Australia (-20.9 percent), Saudi Arabia (-61.4 percent), the United Arab Emirates (-9.4 percent), Chile (-5 percent), Mexico (-8.2 percent), Argentina (-24.6 percent) and Brazil (-9.5 percent). Increases were reported to China (+22.1 percent), Morocco (+26 percent) and Canada (+2 percent).

Total imports decreased by 0.9 percent to €24.038 million.

In the first half of the year, Spanish trade deficit fell 31.4 percent to €7.9 billion, driven by a 2.3 percent increase in exports, which hit a new record high for that period; while imports fell 0.5 percent.

Spain Trade Gap Narrows 34% YoY in June


Mineco | Joana Ferreira | joana.ferreira@tradingeconomics.com
8/19/2016 8:47:54 AM