The external sector remains strong in August, with merchandise exports up 2.5% year-on-year

Exports for the month of August 2024 reached just over €26.83 billion, the second highest value for a month of August, and 2.5% higher than in the same month of the previous year. In seasonally adjusted and calendar adjusted terms, exports grew by 5.8% year-on-year.

Imports reached just under €31.6 billion, also the second highest figure for August in the historical series, with a year-on-year growth of 3.2%.

In terms of international comparisons, Spanish exports of goods in August were stronger than those of the euro area and the EU-27 (which recorded year-on-year rises of -3.3% and -2.5%, respectively). Among the major EU economies, exports from Germany (-3.1%), France (-4.6%) and Italy (-6.7%) showed downward trends. Outside the EU, exports from the UK fell 9.4% year-on-year, while those from the US, China and Japan grew 4.6%, 8.4% and 5.5%, respectively.

The energy deficit, which accounted for more than half the total deficit, decreased by 1.9% year-on-year to just over €2.55 billion, with energy imports falling by 2.2% year-on-year.

The coverage ratio (ratio of exports to imports as a percentage) also decreased by 0.6 percentage points to 84.9%.

By sector, the surpluses in food, beverages and tobacco (€968.2 million), non-chemical semi-manufactures (€606.3 million) and other goods (€485.7 million) stood out.

The trade surplus with the EU increased to just under €2.95 billion (surplus of €1.72 billion in August 2023).

The destination markets with the largest surpluses in August were Portugal, France and the UK.

Sectors and target markets

In August, the sectors with the highest positive contributions to the annual rate of change of exports (2.5%) were chemicals, non-chemical semi-manufactures, food, beverages and tobacco, and raw materials. Record highs for the month were reached in the food, beverages and tobacco (up 3.9% y-o-y) and chemicals (up 17.0% y-o-y) sectors.

By destination market, exports to the EU-27 accounted for 62.3% of the total and increased 5.4% year-on-year. Record figures for the month were achieved in 10 EU destinations, including Ireland, Poland and the Czech Republic.

Exports to non-EU destinations accounted for 37.7% of the total, with record highs for the month in markets of importance for Spain such as Mexico, Chile and India.

Foreign trade data January-August 2024

In the cumulative year to August 2024, exports of goods reached €255.21 billion, the second-best figure in the historical series for the same period (0.5% less than the same period of the previous year). Meanwhile, imports recorded just over €279 billion (1.7% less than in the same period of the previous year).

The trade deficit decreased by 7.6% to €23.8 billion. The non-energy deficit decreased by 11.2% to €3.4 billion, while the energy deficit continued its downward trend and decreased by 7.0% to €20.34 billion. The coverage rate increased by 0.6 percentage points to 91.5€.

The sectors with the largest surpluses were food, beverages and tobacco (€12.8 billion), automotive (just under €5.55 billion) and non-chemical semi-manufacturing (just under €4.55 billion).

With the EU, the surplus in the period increased to just under €23.16 billion, while the trade deficit with non-EU countries decreased to €46.96. The countries against which the Spanish economy recorded the largest surpluses were France (just under €15.12 billion), Portugal (€10,02 billion) and the UK (€8.9 billion).

By autonomous communities, those with the highest growth in exports were the Canary Islands (20.1%), followed by Castilla y León (16.6%) and Extremadura (12.4%).

The number of regular exporters (those who have exported more than 1,000 euros in the reference year and in each of the three immediately preceding years), grew by 4.9% in the year to August 2024 to 44,419 exporters, already exceeding the figure for 2023 as a whole (43,834). These exported just under €245.09 billion, 96.0% of the total and 2.6% more than in the same period of the previous year.

Non official translation