SANTA CRUZ DE TENERIFE / MADRID, Sep 20 (EUROPA PRESS) –
The trade deficit reached 486 million euros in the first seven months of the year, representing an increase of 31.5% compared to the same period of the previous year, as reported by the Ministry of Industry, Commerce and Tourism.
The rise in the trade deficit until July is due to the 10.7% drop in exports, to 960.5 million euros. Imports, on their side, barely rose 0.1%, to 1,446.5 million euros.
At the national level, the trade deficit reached 6,995 million euros until last July, 11.2% less compared to the same period of the previous year, as reported by the Ministry of Industry, Commerce and Tourism.
This decrease is the consequence of the 21.7% increase in exports, to 179,529 million euros, registering a historical maximum for the period. Imports, on their side, rose somewhat less, 20.1%, to 186,524 million euros.
“The data from the last seven months show the great capacity for recovery of Spain’s foreign trade, especially in the case of exports of goods, which already exceed the levels prior to the pandemic,” said the Minister of Industry, Commerce and Tourism, Reyes Maroto, who added that the recovery of the Spanish economy is underway and this year a
positive contribution of the foreign sector to GDP.
According to Maroto, the shock plan to protect the Spanish export sector, which has mobilized more than 2,600 million euros, together with the Action Plan for the Internationalization of the Spanish Economy 2021-2022, are instruments that will allow the strengthening of foreign trade in the next few months.
In the first seven months of the year, the coverage rate – the ratio between exports and imports – stood at 96.2%, more than one point above the 94.9% in January-July 2020.
In terms of volume, exports increased by 15.9%, as prices, approximated by Unit Value Indices, increased by 5.0%.
The non-energy balance showed a surplus of 5,202 million euros, above the surplus of 1,142 million euros in the accumulated until July 2020, and the energy deficit increased by 35.2%, to 12,197 million euros (deficit of 9,022 million in 2020).
The interannual growth of Spanish exports between January and July (21.7%) is higher than that of the EU-27 (17.7%) and the euro zone (17.3%), as well as that registered in France (16 , 1%), Germany (16.1%) and the United Kingdom (9.2%). Outside of Europe, sales in the US (23.8%), China (24.5%) and Japan (25.1%) also grew.
The main positive contributions to the annual variation rate of exports from January to July 2021 came from the capital goods, chemical products, non-chemical semi-manufactured and automobile sectors.
Regarding imports, the main positive contributions in the January-July period came from the chemical products, capital goods, energy products and automobile sectors.
SALES TO THE EU AND THE EURO AREA GO UP
Exports to the European Union (61.7% of the total) rose by 24.1% in the first seven months of the year, while sales to the euro zone (54.5% of the total) rose by 25.1 % and those destined for the rest of the European Union (which are 7.2% of the total) increased by 16.7%.
Likewise, sales to third destinations (38.3% of the total) also grew by 18.1% in this period. The increases in exports to Oceania (40.1%), Latin America (23.9%), Asia excluding the Middle East (21.1%), Africa (20.5%), the Middle East (16%) and North America (14.3%).
The autonomous communities with the highest growth in exports were the Community of Madrid, the Principality of Asturias and Castilla-La Mancha. The only decrease was registered in the Canary Islands (-10.7%).