With declared trade data from Customs, Spanish merchandise exports rose by 25% in the January-August period compared to the same period of the previous year and reached 252 billion euro, an all-time high.
“Spanish foreign trade continues to show dynamism despite the uncertainty in a less favourable global context, reaching historical figures in the value of exports and imports. In addition, if we discount the increase in prices, the evolution continues to be favourable because it has recorded a greater volume of exports and imports”, explains Xiana Méndez, Secretary of State for Commerce.
The interannual growth of Spanish exports in the first eight months of this year (25.0%) was higher than that registered in the EU-27 (22.3%) and in the euro zone (22.7%). Also registered in Germany (14.2%), France (20.1%), Italy (22.1%) and the United Kingdom (23.6%). Outside Europe, sales to the US (20.7%), China (14.2%) and Japan (16.6%) also grew.
In terms of volume, exports rose by 5.2%, since prices, approximated by the Unit Value Indices, increased by 18.9%. Imports increased by 11.6%, as prices rose by 25.8%.
Méndez highlights two important aspects in the evolution of our country’s export activity in recent months despite the current international context marked by the impact of the war in Ukraine: “Spanish exports are growing above other economies in our environment, so it shows the solidity, resilience and competitiveness of our companies in international markets. Added to this is the increase in the number of exporting companies, which will allow us to maintain significant growth rates.”
Exports to the European Union (62% of the total) rose by 26.1% in the first eight months of the year. Sales to the euro zone (54.4% of the total) increased by 25.3% and those to the rest of the European Union (7.6% of the total) rose by 31.3%.
Sales to third destinations (38% of the total) rose by 23.4% in this period, with increases in exports to Latin America (31.9%), North America (30.1%), the Middle East (27 %), Africa (21%) and Asia excluding the Middle East (6.3%).
The autonomous communities with the highest year-on-year growth in their exports were the Canary Islands, the Balearic Islands and the Community of Madrid.
In the month of August 2022, Spanish merchandise exports increased by 31.7% over the same month in 2021, to 29 billion euro, a historical maximum for the month of August. Imports also increased by 42.6% in year-on-year terms to 37 billion euro, marking a new all-time high for the month.
As a result, in August 2022 a deficit of 7,9 billion euro was recorded due to the increase in the price of products due to the rise in energy. The non-energy balance showed a deficit of 3,4 billion euro and the energy deficit reached 4,5 billion euro.
The coverage rate – ratio between exports and imports – stood at 78.6%, which is 6.5 percentage points less than in August 2021 (85.1% with provisional data).
The increase in exports in August from Spain (31.7%) is greater than that registered by the EU-27 (29.1%) and the euro zone (29%). Among the main European economies, exports from Germany (21.2% year-on-year), Italy (24.8%), France (24.6%) and the United Kingdom (58%) also grew. In the rest of the world, exports from the United States increased by 21.9% year-on-year, China’s by 11.8% year-on-year and Japan’s by 22% year-on-year.
The main positive contributions to the annual variation rate of exports came from the sector of energy products, capital goods, food, beverages and tobacco, and the automobile sector also stands out. On the contrary, no sector contributed negatively.
In August 2022, exports to the European Union represented 60.2% of the total (59.2% in August 2021) and increased by 33.8%. Those directed to the euro zone grew by 33.5% and those destined to the rest of the EU rose by 35.4%. Of the main partners, the increases in sales to Portugal (43.4%), France (41.2%), Italy (37.6%) and Germany (23.5%) stand out.
Finally, exports to third countries (non-EU) accounted for 39.8% of the total and rose by 28.6% year-on-year. Sales to the United Kingdom increased by 16.7%.