Bankinter | The trade balance in the first two months of the year totalled $213.6 billion, compared to the expected $179.6 billion and the previous $169.21 billion.
Exports rose 21.8% in the period, compared to an expected 7.1% and 6.6% in December. Imports rose 19.8%, compared to an expected 7.0% and 0.0% previously.
Bankinter analysis team’s view: Exports accelerated in the first two months of the year, driven by demand for electronic products, generating a record trade surplus in this period. By country, the largest surpluses remain with the EMU (£28.65 billion), Hong Kong (£22.01 billion) and the US (£20.86 billion). While the surplus with the EMU continues to increase, it is decreasing with the United States, Hong Kong and, in general, other Asian countries, such as Singapore and Malaysia.
As a net energy importer, China maintains a trade deficit with Australia, Russia, Brazil and South Africa. Despite the tariffs imposed by the United States, China is diverting its exports to other markets such as the EMU, providing an outlet for overcapacity in some industries. Exports could accelerate in the coming months, taking advantage of the temporary reduction in US tariffs.
