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November 25, 2015

Spanish exports continue to grow

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Spanish exports continue to grow

Spain set a new record in volume of exports of goods and services: 186,261.1 million euros during the first nine months of this year. These figures have not been recorded since the beginning of official statistics from 1971, and then, it is now added to the record, already registered between January and June 2015. The imports grew at a slower pace, so that the deficit reached 18.642 million euros, 1.1% less than in the same period in 2014. It should be specially pointed out the automotive sector (16.8% of total sales), which continues its strong growth in the first nine months of this year, 19.7% year on year.

Thus, Spanish exports of goods and services recorded a new high rate in the first nine months of 2015. According to data provided this week by the Ministry of Economy of Spain, the exports amounted to 186,261.1 million euros that is 4.4% more than in the previous year.

The EU countries remain the main customers and consumers of Spanish products and services, namely the 64.7% of exports was destined to the residents of the European Community, compared with 63.7% in the nine first months of last year. In addition, the cumulative results of Spain are in line with the main partners of the country, as the exports of the euro area in this period increased by 4.6% and total exports of 28 countries of the EU by 5.2 % year on year. Compared with other European countries, however, Spanish exports grew more than in Italy (4.2%) and the UK (-0.8%), at the same level as the rate of France (4.5%) and below the result of Germany (7.1%).

As for the economic sectors of Spain in the first nine months of 2015, it can be said that all sectors show growth and are developing positively, particularly the automotive sector (16.8% of the total) should be highlighted which continued to grow very rapidly in the first nine months. The sectors of food, beverages and tobacco (16.0% of the total) and chemicals (14.7% of total) increased their foreign sales by 9.4% and 7.4%, respectively. Only energy products with a fall of 27.9% over the previous year, thus reflecting the lower energy prices, other goods (annual decrease of 21.1%) and raw materials (annual decrease of 1.9%) developed in the opposite direction.

Among the regions of Spain, which recorded the highest annual increase in exports during January-September this year, we can distinguish Aragon (an increase of 17.9% year on year), followed by Valencia (14.1% year on year) and Castile and Leon (13.2%). In terms of contribution to the annual change during this period, the largest positive contribution came from Catalonia, which contributed 1.6 points. The Catalan exports, besides, amounted to 25.5% of total volume in January-September 2015 and increased by 6.3% year on year. Valencia, which is on the second place, contributed 1.4 points, the export of the province amounted to 11.1% of the total and increased by 14.1% year on year.

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