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Spain posts largest trade gap in 5 months

Staff Writer | September 22, 2017
Spain's trade deficit increased to EUR 2.10 billion in July of 2017 from EUR 0.56 billion in the corresponding month a year earlier.
Spain trade gap
Europe   In the January to July period
It is the largest trade gap since February, as exports increased 3.9$ year-on-year to EUR 22.19 billion while imports rose at a faster 10.8$ to EUR 24.29 billion.

In the January to July period, the trade deficit jumped 56.3$ to EUR 13.19 billion, as imports grew quicker than exports.

Exports rose 3.9$ to a record high of EUR 22.19 billion in July of 2017.

The main contributions to export growth came from non-chemical semi-manufactures (1.4 points); consumer goods (1.1 points); chemicals (1 point) and energy products (0.8 points).

The only sectors with a significant negative impact were the vehicles (-1 points); other goods (-0.4 points) and raw materials (-0.3 points).

Exports to the EU, which accounted for 63.5$ of total exports, rose 1$ year-on-year, as sales to the eurozone increased 3.7$ while those to the rest of the European Union fell 8.1$.

Among major trading partners, sales grew to France (6.2$); Germany (4.3$); Italy (1.7$) and Portugal (4.1$), but declined to the United Kingdom (-20.2$).

Outside the EU, increases in exports were recorded to Argentina (57.5$); Saudi Arabia (25.9$); Morocco (19.5$); the United States (14.2$); Chile (10.1$); China (8.8$) and Mexico (4.6$).

In contrast, sales went down to Canada (-28.6$) and Australia (-9$).

Imports advanced at a faster 10.8$ to EUR 24.29 billion in July of 2017 from EUR 21.93 billion a year ago.

The main contributions to import growth came from: energy products (2.8 points); food, beverages and tobacco (1.7 points); vehicles (1.6 points) and non-chemical semi-manifactures (1.3 points).

On the other hand, the only sector with a significant negative impact was other goods (-0.3 points).

Spain recorded a EUR 0.94 billion trade surplus with the EUR, lower than a EUR 1.53 billion trade surplus a year earlier.

With non-EU countries, the trade deficit widened 45.8$ year-on-year to EUR 3.04 billion.