Exports grew by 9.1% to August and continue at historic highs

Imports were up by 11.6% to 198.72 billion euros, also a record high. As a result, the trade deficit for the first eight months of the year amounted to 16.41 billion euros (versus a deficit of 11.00 billion euros in the same period 2016). Spanish exports performed better than those of the Eurozone and the European Union as a whole.

The coverage rate - exports over imports - stood at 91.7% (93.8% in January-August of 2016) and is the third highest figure ever, only beaten by 2013 and 2016.

In volume terms exports increased by 9%, since prices measured by Unit Value Indices (UVIs) grew by 0.2%, and imports increased by 6% due to a 5.3% rise in prices.

The non-energy balance yielded a deficit of 1.72 billion euros (versus a cumulative deficit of 156 million euros to August 2016), and the energy deficit grew by 35.5% to 14.69 billion euros (10.84 billion euros in 2016).

The growth of Spanish exports between January and August was stronger than that of the Eurozone (7.6%) and the European Union as a whole (7.9%), and also outperformed France (3.6%), Germany (6.5%) and Italy (7.6%). However, growth was weaker that that recorded in the UK (18.3%). USA (6.4%), China (5.3%) and Japan (11%) exports also grew.

Among the main sectors contributing to export growth were energy products (accounting for 6.7% of the total), up by 53.5%, capital goods (accounting for 20.2% of the total) up by 9.2%, and food, drink and tobacco (accounting for 16.9% of the total) up by 7.9%. The only negative contributions came from the automotive sector (16.3% of the total) whose exports shrank by 0.7% and other goods (1.3% of the total), down by 14%.

Shipping containersIn imports, the higher energy prices and the consolidation of the economic recovery is driving growth in most sectors. In this respect we would highlight energy products (accounting for 13.5% of the total), up by 43.1%, capital goods (21.4% of the total), up by 10.4%, and non-chemical semi-manufactures (7.2% of the total), which grew by 17.7%.

Exports to the EU (65.7% of the total) grew by 8.2% in the first eight months of the year. Sales to the Eurozone (51.5% of the total) increased by 8.9% while those to the rest of the EU (14.2% of the total) grew to a lesser extent, by 5.4%, as a result of the depreciation of the pound and lower sales to the UK.

Stronger sales to third countries (34.3% of the total, up by 11%) were driven by the increase of exports to Oceania (27.5%), Latin America (12.5%), Asia excluding the Middle East (12.2%), Africa (10.7%) and North America (10.5%). Conversely, exports to the Middle East (down 0.2%) fell. Strong sales growth to Australia (23.3%), China (24.9%), Morocco (16.3%), Argentina (28.7%), Mexico (14.4%), and Brazil (8.4%) were noteworthy.

The autonomous regions with the highest export growth were the Balearics (97.9%), the Canary Islands (32.2%) and Asturias (23.7%). Conversely, the highest negative figures were posted in Navarre (-3.9%), Castile and Leon (-3.6%) and Cantabria (-3%).

Figures for August

In August the export of goods grew by 9% compared to the same month in 2016, to 19.24 billion euros. Imports grew by 11.2% in year-on-year terms to 22.46 billion euros. Consequently, a monthly deficit of 3.23 billion euros was recorded (versus a deficit of 2.56 billion euros in the same month of 2016).

The non-energy balance posted a deficit of 1.81 billion euros (compared to a deficit of 1.17 billion euros in August 2016), while the energy deficit grew by 2%.

Exports from Spain in August (up 9%) outperformed the Eurozone (7.1%) and the European Union (7.2%). They also outperformed France (3.3%), Germany (7.2%) and Italy (8.4%). However, exports from the UK (up10.5%) were stronger. Outside the EU exports grew in the USA (5.5%) and China (4.5%), and especially in Japan (18.1%).

By sector, in August, the main contributions to export growth came from the capital goods sector (with a contribution of 4 points), energy products (2.4 points), raw materials (1.3 points), and consumer manufactures (1.1 points). The only sectors to contribute negatively were other goods (contribution of -0.7 points) and the automotive sector (contribution of -0.1 points).

In geographic terms, in August 2017 the exports to the EU accounted for 61.8% of the total (63.3% in August 2016) and grew by 6.5%. Exports to the Eurozone grew by 6.7% and those to the rest of the EU were up by 5.6%. Of our main trade partners we would highlight higher sales to France (9.1%) and Germany (8.9%), while there was a fall in sales to the UK (down 3.4%) and Italy (down 6.0%). Outside the EU, export growth to Australia (172.8%), China (28%), Japan (14%), Morocco (21.3%), USA (18.9%), Argentina (38.4%), Mexico (18.3%), Brazil (14.0%) and Chile (7.3%) was also strong.

The full report is available on the Ministry's website.

Non official translation