Spanish imports and exports reach new all-time high

Spanish imports and exports reach new all-time high

Spanish exports up to February grew by 28.3 per cent, while imports rose by 43.5 per cent.

SPANISH imports and exports reached an all-time high according to reports on Monday, April 18, with exports growing by 28.3 per cent and imports rising by 43.5 per cent. The growth was measured in the period from January to February 2022.

A statement from the Moncloa said that “Spanish exports of goods rose by 28.3 per cent in the period from January-February 2022 compared to the same period of the previous year and reached 56.521 billion euros, an all-time high for the period.”

Spain‘s Secretary of State for Trade, Xiana Méndez, said: “Exports and imports continued to grow strongly in February [and] stressed that trade is growing faster in Spain than in many of the major economies around us.”

In addition, Méndez indicated that “the non-energy deficit is moderate, as it stands at less than 626 million in the last month of February and coverage stands at 98 per cent”.

She revealed: “The coverage rate – export/import ratio – stood at 84.0 per cent. In volume terms, exports rose 11.1 per cent, as prices, approximated by Unit Value Indices, increased by 15.5 per cent. Imports increased by 16.9 per cent, as prices grew 22.7 per cent.”

The statement also revealed that the year-on-year growth of Spanish exports in January and February (28.3 per cent) was “higher than that of neighbouring economies” – France (23.0 per cent), the United Kingdom (19.3 per cent) and Germany (12.8 per cent).

According to the statement, the main sources for the increase in exports were; chemicals, energy products, non-chemical semi-manufactures and food, drinks and tobacco.

While it was revealed that exports to the European Union (63.0 per cent of the total) had also grown by 31.7 per cent in the first two months of the year. Sales to the ‘eurozone’ (55.5 per cent of the total) increased by 32.3 per cent and sales to the rest of the European Union (7.5 per cent of the total) grew by 27.3 per cent.

Sales to ‘third countries’ (37.0 per cent of the total) grew by 23.1 per cent in this period, with increases in exports to North America (33.8 per cent), Latin America (32.2 per cent), Africa (24.7 per cent), the Middle East (11.6 per cent) and Asia excluding the Middle East (0.6 per cent).

Within Spain, the regional governments which experienced the highest growth in exports were; the Canary Islands, the Community of Madrid and the Principality of Asturias.

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