Spanish merchandise exports, with trade data declared by customs, increased by 24.8% in the January-June 2022 period compared to the same period in the previous year and reached 190,919 million euros, the highest level ever for this period. Imports also grew 40.7% to 222,882 million euros, an all-time high.
For the Minister of State for Trade, Ziana Méndez: “Spanish foreign trade continues to show great dynamism, superior to that of the majority of neighboring countries. The development of Spanish exports in the last month of June shows very good behavior that has reached all sectors.”
The interannual growth of Spanish exports in the first quarter (24.8%) was higher than that of the EU27 (21.8%) and the eurozone (22.3%). It is also higher than those of France (20.1%), the United Kingdom (16.1%), Germany (13.3%) and Italy (22.4%). Outside of Europe, sales grew to the United States (20.3%), China (13.2%) and Japan (15.2%).
The non-energy balance showed a deficit of 6069.4 million euros and an energy deficit of 25,894 million euros.
Imports increased largely as a result of the impact of energy products, as well as boosting the recovery of domestic demand. In addition, the increase in product prices, mainly due to the rise in energy, remains the main cause of the deficit. This means that the trade deficit is still similar to the deficit in previous months,” Mendez explains.
The coverage rate – the ratio between exports and imports – was 85.7%. In volume terms, exports grew by 6.6%, as prices, close to unit value indicators, also rose by 17.1%. Imports rose 17.7%, as prices grew 19.5%.
The main positive contributions to the annual rate of variance of cumulative exports in the first half of 2022 came from chemical products, energy products, non-chemical semi-finished products, and the food, beverage and tobacco sectors (contribution of 2.5 points). No sector contributed negatively.
Exports to the European Union (62.4% of the total) grew by 26.1% in the first six months of the year. Sales to the Eurozone (54.8% of the total) increased by 25.4%, and sales to the rest of the European Union (7.6% of the total) increased by 31.3%.
Sales to third destinations (37.6% of the total) increased by 22.8% in this period, with exports increasing to Latin America (35%), North America (30.3%), the Middle East (24.3%), Africa (22.1%) and excluding Asia Middle East (2.6%).
The autonomous communities with the highest growth in their exports were the Canary Islands, the Balearic Islands and the Community of Madrid (44.5%).
June 2022 data
In June, Spanish merchandise exports rose 26.6% compared to the same month in 2021, reaching €34,949 million, the highest level ever for the month. Imports rose 41.1% year-on-year to €40,343 million, the highest level ever in any month.
As a result, in June 2022 a deficit of 5394 million was recorded. The coverage rate was 86.6%. The non-energy balance showed a deficit of 489 million euros and the energy deficit reached 4,905 million euros.
The increase in exports in June from Spain (26.6%) is greater than that recorded by the EU-27 (21.6%) and the eurozone (22.0%). It is also higher than those of Germany (14.6% y/y), France (16.4%), Italy (21.2%) and the United Kingdom (20.1%). In the rest of the world, exports from the US increased 23.6% year-on-year, China by 22.0% year-on-year, and Japan by 19.3% year-on-year.
In June 2022, exports to the EU accounted for 60.4% of the total (62.9% in June 2021) and increased by 21.5% year on year. Those destined for the Eurozone rose by 19.4% and those destined for the rest of the European Union rose by 37.9%. Among the main partners, increases in sales were noted to Portugal (33%), Germany (17.5%), France (16.3%) and Italy (15.2%). Finally, exports to third countries (non-EU) accounted for 39.6% of the total and rose 35.3% year-on-year, and sales to the UK increased by 27.2%.
with information from Moncloa
“Creator. Devoted pop culture specialist. Certified web fanatic. Unapologetic coffee lover.”