Spanish Exports Have Returned To Pre-Crisis Levels After Growing 30% In March

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T.C. | Data on Spanish exports during the first quarter of this year, released yesterday by the “Exporters’ Club”, shows an upturn of 4.9% to 72.307 billion euros. This is 7.9 points higher than the rate for the same period in 2020, which was -3%. So Spanish exports of goods are already at the same level as in 2019. In fact, in March the increase in exports from Spain (29.9%) in annual rate of change is higher than those recorded by Germany (16.1%), France (13.1%) and the United Kingdom (22.4%).

For their part, imports of products accounted for 75.57 billion euros, and remain far from the level reached in 2019, with a decrease of 1.3% compared to the same period in 2020. That said, in March, imports of goods grew by 16%, which can be interpreted as the Spanish economy picking up its pace of activity.

Thus, in Q1’2021 Spain posted a trade deficit of 3.263 billion euros, 57.4% lower year-on-year.

The Exporters’ Club stresses that all the data is improving, even in comparison with the rest of Europe. The cumulative results for Spain show higher export growth than in Germany (2.4% year-on-year), France (-1.9%) and the UK (-1.9%).

“The trend confirmed in March generally indicates solid growth in Spanish exports. The rebound effect has been felt, and the question is whether, in the medium term, we will manage to maintain the same rate of recovery,” explains the president of the Exporters’ Club, Antonio Bonet.

According to the Exporters’ Club, it is essential to promote vaccination to speed up the reopening. This will allow Spanish companies to take the lead in the international market, taking advantage of positions left vacant by other competing firms still finding it difficult to operate, due to restrictions in their countries.

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