Spanish Exports Grow By 23% In The First Half Of The Year

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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.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.