Spanish foreign trade reaches record figures

According to the latest declared trade data from Customs, Spanish exports of goods increased by 24.4% in the accumulated period from January to May 2022 compared to the same period of the previous year.

Thus, sales of Spanish goods abroad reached 155,9 billion euro, which represents a new historical maximum and far exceeds the volume obtained in the same period of 2019, before the pandemic.

For their part, imports increased by 40.7% year-on-year to 182,5 billion euro, also an all-time high.

For the Secretary of State for Trade, Xiana Méndez: “The trade in goods continues to show great dynamism in the first five months of 2022. Exports and imports continue to grow at a good pace despite the complex international context.”

The interannual growth of Spanish exports between January and May (24.4%) was higher than that registered in the EU-27 (21.4%) and the euro zone (22.0%). It is also higher than that registered by Italy (22.6%), France (20.9%), the United Kingdom (15.1%) and Germany (12.4%). Outside Europe, sales to the US (19.5%), China (11.4%) and Japan (14.3%) also grew.

The main positive contributions to the annual variation rate of exports from January to May 2022 came from the chemical products, energy products, non-chemical semi-manufactured products and food, beverages and tobacco sectors.

Exports to the European Union (62.8% of the total) increased by 27.1% in the first five months of the year. Sales to the euro zone (55.2% of the total) rose by 26.7% and those to the rest of the European Union (7.6% of the total) increased by 29.9%.

Sales to third destinations (37.2% of the total) increased by 20.2% in this period, with increases in exports to Latin America (33.6%), North America (31.6%), Middle East (22.5%), Africa (21.6%) and Asia excluding the Middle East (0.1%).

The autonomous communities with the greatest growth in their exports were the Canary Islands (89.1%), the Balearic Islands (51.8%) and the Community of Madrid (49%).

Data for the month of May

In May 2022, Spanish exports of goods increased by 28.8% year-on-year to reach 35 billion euro, an all-time high for any month. For their part, imports also reached an all-time high and increased by 47.1% year-on-year to 39,8 billion euro.

As a result, a trade deficit of 4,7 billion euro was recorded, less than in the previous month. The coverage rate stood at 88%.

“The rise in the price of products due to the rise in energy continues to be the main cause of the increase in the trade deficit motivated by a less favourable global environment,” says Xiana Méndez. “However, if we discount price increases, the evolution in volume of exports and imports is also very favourable.”

The main positive contributions to the annual variation rate of exports came from the chemical products, energy products, non-chemical semi-manufactured products and food, beverages and tobacco sectors.

In May 2022, exports to the European Union represented 61.5% of the total (61.3% in May 2021) and increased by 29.3% year-on-year. Those directed to the euro zone grew by 27.8% and those destined to the rest of the EU rose by 40.7%. Of the main partners, the increases in sales to Portugal (32.4%), France (27.8%), Germany (24.3%) and Italy (19.6%) stand out. Finally, exports to third countries (non-EU) accounted for 38.5% of the total and increased by 28.0% year-on-year.