Luis Alcaide | Spanish merchandise exports did not perform well last November, falling by 6.4% year-on-year in euros. This is compared to a decline of 4.1% in the eurozone, 2.7% in Italy, and 5.1% in France. Imports also recorded a decrease of 3.7% compared to November 2023. The export-import coverage rate stands at 86.4%, one of the lowest levels in the last decade for the month of November.
The year-on-year decline in the value of Spanish exports is attributed to the sluggishness of EU countries. However, it is worth noting that Spain’s trade deficit during this period, January-November, was €36,154.4 million, reflecting a slight improvement compared to the deficit of €37,158.3 million in the same months of 2023. The geographical distribution of Spanish exports in November 2024 shows an 8.7% decrease in sales to the EU. Nevertheless, during the January-November period, sales to the EU fell by a modest 1%. Meanwhile, exports to Asia grew by 2.7%.
By economic sectors, Spanish exports of machinery and equipment occupy the top position in foreign sales with 19.3% of the total, but with a year-on-year decrease of 1%. The food and beverage sector ranks second, accounting for 18.6% of total sales and a year-on-year increase of 7.2%. By autonomous communities, Catalonia, with 26.1% of Spain’s total exports, continues to show a significant difference compared to the other regions.
The chemical industry is its main sector, followed by machinery and equipment and automobiles. Madrid ranks second with 12.7% of Spanish exports, followed by Andalusia with 10.4% and the Basque Country with 8.7%. Castilla y León again stands out with an increase in its foreign sales of 17.7%, thanks to the extraordinary dynamism of the automotive sector in Valladolid and Palencia.
