Spanish exports continue at historic highs

With declared trade data from Customs, Spanish merchandise exports grew by 23.6% in the period January-November 2022 compared to the same period of the previous year and reached 357 billion euro, a record figure. For their part, imports rose 35.8% to 420 billion euro, also an all-time high.

As the Secretary of State for Trade, Xiana Méndez, points out, “in November there was a rebound in exports, which grew more than imports in a context of global trade slowdown. The result is a notable containment of the deficit in November, which is halved compared to October and represents the lowest monthly value since September 2021”.

In terms of volume, exports increased by 4.2%, since prices, approximated by the Unit Value Indices, grew by 18.6%. Imports increased by 8.4%, as prices grew by 25.2%.

The interannual growth of Spanish exports between January and November (23.6%) was higher than that registered in the EU-27 (21.8%) and the Eurozone (22.0%). Also, to that registered in Germany (14.7%), France (20.3%), and Italy (20.5%). Outside of Europe, sales to the US (18.8%), China (11.9%) and Japan (18.9%) also grew.

The main positive contributions to the annual variation rate of exports from January to November 2022 came from the chemical products, energy products, capital goods and non-chemical semi-manufactured sectors. It should be noted that no sector contributed negatively.

Exports to the European Union (62.8% of the total) increased by 25.4% in the first eleven months of the year. Sales to the euro zone (55.2% of the total) rose 25.0% and those destined for the rest of the European Union (7.6% of the total) rose 28.4%.

Sales to third destinations (37.2% of the total) rose 20.6% in this period, with increases in exports to North America (28.2%), Latin America (26.6%), the Middle East (26%), Africa (15.9%), Asia excluding the Middle East (7.5%) and Oceania (1.1%).

The autonomous communities with the highest growth in their exports were the Canary Islands, the Community of Madrid and the Balearic Islands.

Data for the month of November

In the month of November, Spanish merchandise exports reached 37,3 billion euro, which represents an increase of 23.3% over the same month in 2021, reaching a new all-time high for any month.

Imports increased by 17.9% in year-on-year terms to 40,6 billion euro, also a record high for the month of November. As a result, in November 2022 a deficit of 3,3 billion euro was recorded (compared to the deficit of 4,2 in the same month of 2021). The coverage rate -quotient between exports and imports- stood at 91.9%.

The non-energy balance showed a surplus of 990 million euro (deficit of 1,2 billion euro in November 2021, provisional data) and the energy deficit reached 4,3 billion euro (deficit of 3 billion euro in November 2021, data provisional).

The increase in exports in November from Spain (23.3%) is greater than that registered by the EU-27 (16.7%) and the Eurozone (17.0%). Among the main European economies, exports from Germany (13.3% year-on-year), France (15.9%), Italy (18.0%) and the United Kingdom (39.0%) also grew. In the rest of the world, exports from the United States increased by 9.2% year-on-year, those from China by 0.9% year-on-year and those from Japan by 20.0% year-on-year.

By export sectors, the contribution of chemical products stands out very positively in November, mainly due to exports of vaccines against COVID-19, as well as the automotive sector.

In November 2022, exports to the European Union represented 66.0% of the total and grew by 32.3%. Those directed to the euro zone increased by 32.4% and those destined to the rest of the EU rose by 31.4%. Finally, exports to third countries (non-EU) accounted for 34.0% of the total and grew by 9.1% year-on-year and sales to the United Kingdom increased by 4.6%.