January 28, 2021

Spanish exports fall by 1.3% in January and raise the trade deficit by 13.9%

Spanish exports fall by 1.3% in January and raise the trade deficit by 13.9%


MadridUpdated:

The trade deficit has been located in 4,483 million euros in January, an increase of 13.9% compared to the same month of the previous year, after exports fell 1.3% in the first month of the year, according to data published on Thursday by the Ministry of Industry, Trade and Tourism.

Despite this fall, Spanish sales abroad reached 22,525 million in January, the second highest value for this month of the historical series after January 2018, while imports have grown by 0.9% to 27,009 million euros.

The coverage rate (the quotient between exports and imports) it has been placed at 83.4%, against 85.3% in January 2018. In terms of volume, exports have fallen by 2.2%, since prices, approximated by unit value indexes, have grown by 0.8%; while imports have risen by 1.1%, as prices fell by 0.2%.

The non-energy balance It has thrown a deficit of 1,880 million euros, higher than the deficit of 1,124.4 million registered in the same period of the previous year, and the energy deficit decreased by 7.4%, to 2,603 ​​million, down from 2,811 million a year earlier.

Growing exports of our partners

The fall of Spanish exports in January of 1.3% has contrasted with the 1.7% increase in Germany, of 2.9% in Italy and 5.2% in France, as well as the rise of 2.2% in the EU and 2.4% in the euro area. In the United Kingdom they have also fallen (-1.7%). Outside the EU, exports have increased in China (+ 8.5%) and fell in Japan (-8.4%).

Among the main export sectors, Foreign sales of equipment goods, which represent 19.7% of the total, rose by 8.6%, while those of food, beverages and tobacco (17.8% of the total) increased by 4.6%.

Conversely, exports of the automotive sector (15.5% of the total) accounted for 4.6%, mainly due to lower sales to the Turkish and German markets. Exports of energy products, which fell 22.8%, were also reduced due to lower oil costs.

Imports too they have increased in the sectors of capital goods, which grew by 13.5%, chemical products (+ 2%) and automobile (+ 1.1%). However, imports of energy products fell by 13.2% year-on-year.

Falling sales to the European Union

About the destinations of Spanish exports, those directed to the EU, which represent 67.3% of the total, They have fallen 2.3% in January and sales to the euro area (52.2% of the total) fell by 3.1%, while sales to the rest of the EU (15% of the total) increased by 0.7%.

The sales to third parties destinations (32.7% of the total) rose by 0.7% in January, with increases in exports to Africa (+ 12.8%), North America (+ 5%) and Asia excluding the Middle East (+ 3%). On the other hand, those destined for Oceania (-15.9%), the Middle East (-9.3%) and Latin America (-4.8%) fell.

By countries, Sales increases have been highlighted in Canada (+ 30.2%), Peru (+ 27.8%), Egypt (+ 24.9%), South Korea (+ 23%) and the United States (+1.9). %), while exports to Argentina (-41.4%), Australia (-16%), Brazil (-11.2%), China (-6.6%) and Japan (-4.2%) have been reduced. ).

Finally, the communities with the highest growth in their exports were Cantabria, with an increase of 34.4%, followed by the Principality of Asturias (+ 20.2%) and Navarra (+ 19.8%). On the other hand, the greatest decreases were recorded in Galicia (-26.2%), the Balearic Islands (-18.8%) and the Canary Islands (-12.5%).

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