The recovery of foreign trade took hold in the first half of 2021 and Spanish merchandise exports increased 23.3% when compared to the same period of the previous year and reached 152,961 million euros.
Imports also increased, although at a slower rate. They rose by 20.3% to 158,358 million euros. As a result, the trade deficit for the first six months of the year reached 5,397 million euros, 28.7% lower than in the same period in 2020.
The coverage ratio, which is the ratio of exports to imports, stood at 96.6% in the first half of the year, compared to 94.2% in the same period of 2020. The non-energy balance showed a surplus of 4.7 billion euros between January and June while the energy deficit grew by 29.7% to 10.098 billion euros.
In June, Spanish merchandise exports increased by 22.0% compared to the same month in 2020 and reached 27.61 billion euros, a record high for the sixth month of the year. For their part, imports rose by 35.1% in year-on-year terms to 28,587 million euros, also a record high for that month.
As a result, a trade deficit of €978 million was recorded in June 2021, compared to a surplus of 1.482 billion euros in the same month of the previous year.
Compared to pre-pandemic levels, the rate of change remains positive, with exports up by 10.7% compared to June 2019 and imports up by 8%.
The non-energy balance showed a surplus of 744 million euros in June, down from €2,074 million euros last year while the energy deficit almost tripled to €1,722 million euros.