The trade deficit stood at nearly €32.781 billion in the first six months of the year, representing a 30.5% increase compared to the same period of the previous year, according to data from June’s foreign trade report published this Tuesday by the Ministry of Economy, Trade and Business. This result is the outcome of a 2% increase in exports, which reached €201.1336 billion between January and June—the second highest figure on record for this period—versus a 5.2% rebound in imports, up to €233.9146 billion.
Within imports, energy purchases increased by 13.6% to €31.675 billion, coinciding with the war in Iran and the blockade of the Strait of Hormuz.
In the last recorded month, June, Spain’s trade deficit doubled, rising to €7.690 billion from the €3.590 billion recorded in the same month of the previous year. This was due to June imports growing by 15.7% year-on-year to reach a record figure of €43.230 billion, driven mainly by a sharp surge in energy product purchases (+43.8%), as well as imports of non-chemical semi-manufactured products (+18.7%), food, beverages and tobacco (+16.6%), consumer manufactures (+11.3%), and automobiles (+8.4%).
Meanwhile, June exports grew by 5.3% year-on-year to €35.550 billion, an all-time high for the month of June, thanks primarily to increased sales of energy products (+49.9%), raw materials (+12.0%), and non-chemical semi-manufactured products (+8.1%).
