There’s good and bad news for Spain’s international trade

Xiana Méndez Credit: Secretary of State for Trade Twitter

THERE’S good and bad news for Spain’s international trade with the announcement of record exports and imports at the end of October.

Spanish merchandise exports were up 23.6 per cent at just under €320 billion but at the same time, the value of imports outpaced exports, rising 38 per cent to €380 billion for the period January to October 2022.

Secretary of State for Trade, Xiana Méndez said on December 15, “In a complex international context where there is a slowdown in world trade, the Spanish foreign sector continues to show dynamism and trade flows remain at high levels.

“We must continue adding so that our sector abroad is ever broader, more and more companies are exporting and that exports are of greater added value.

“The interannual growth of Spanish exports between January and October was higher than that achieved by France (20.5 per cent) and Germany (14.6 per cent).”

At the end of the day however, to have such an enormous and regular trade deficit can not be good for the Spanish economy and whilst there is plenty of money sloshing about thanks to the EU Recovery Fund it will eventually run out and repayments of part of the Fund which was made as a loan will have to be made.

One bright spot is that the October monthly deficit of €6.8 billion was less than the previous month thanks to a fall in energy prices.

Interestingly, despite all of the hoo-ha about the difficulty of trade for the UK following Brexit, imports to Spain from Britain grew by 21 per cent whilst sales from Spain stood up by just 10.7 per cent.

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