In the first two months of the year, the Spanish trade deficit has soared to €9,612 million, of which €6,079 million correspond to the deficit with China. China has become Spain’s top supplier, ahead of Germany, after its exports to Spain grew by 22.9% to €8,002 million. In February, Spanish goods exports grew at an annual rate of 0.4% and at a month-on-month rate of 7.4%. Meanwhile, imports in February…
Luis Alcaide | In the past month of December, exports increased by 2.7% year-on-year, while for the entire year of 2024, they grew a modest 0.2%. Exports did not decline for the whole year, but their value in euros also did not advance; they practically remained stagnant. The total figures for 2024 amounted to €384.465 billion, lower than the €387.599 billion reached in 2022. This decrease in export volumes is…
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…
Spain’s trade deficit in the first quarter of 2023 was €6.578 billion, a 57% decrease compared to 1Q22, according to data published by the Ministry of Industry. The energy deficit fell by 25.6% to €8,217.6 million, compared with €11,052 million in 1Q22, while the non-energy balance showed a surplus of €1,639 million compared with a deficit of €4,634 million in 1Q22. Spanish merchandise exports increased by 14.6% up to March,…
The United States has consolidated its position in February this year as the main exporter of natural gas to Spain. And for the second month in a row, purchases of this raw material from the US country have exceeded those from Algeria, the main supplier until the end of last year. This is revealed in the statistical bulletin of Enagás, the Spanish gas system operator. It flags that in February…
Crude oil imports to Spain in January reached 4.475 m tons, which represents a 10.5% decrease agaisnt the same month last year, maintaining the levels of the last half of 2020, says the Corporation of Strategic Reserves of Petroleum Products. In January, 27 types of crude oil were imported from 14 countries. Nigeria was the leading supplier of crude oil with 979,000 tons, representing 21.9% of the total. It was followed by Mexico, with 721,000 tons – 16.1% of the total – and Libya, with 608,000 tons – 13.6%.
The positive trend in the euro area trade balance increased in October by 10.3% year-on-year, reaching 30 billion euros, according to data on international trade in goods published by Eurostat. By items, exports of goods from the euro area to the rest of the world contracted by 9%, to 199.3 billion euros. The fall was offset by a sharper decline in exports, which fell by 11.7%, to 169.3 billion euros. Commercial activity amongst the euro members fell by 6.8% in the tenth month of the year, to 166.1 billion euros.
Christian Gattiker (Julius Baer) | Policymakers in China made a credible move in their attempt to regain control over the current situation. After injecting liquidity into financial markets, they announced the potential for a cure/vaccination available soon and later cut some tariffs on US imports. Fear-stricken markets took a sigh of relief.
Caixabank Research | Spanish imports could be growing because of the composition effect, through which the components of demand of greater import intensity increase their weight in total demand, or because the import intensity of each component is increasing, which would be more worrying.
Caixabank Research | Since the beginning of 2012 Spain has accumulated a trade surplus in goods and services which is helping reducing the large deficit in net international investment. But it has not always been like this.