Spanish Exports Register Record Six Months
August 26th, 2013
In the Spanish Government’s Foreign Trade report for June, the trade balance closed the first half of the year showing strong growth in Spanish exports, which totalled 118,722 million euros, representing an increase of 8% over the same period in 2012. This marks a record never before achieved in the time series – which began in 1971 – in a semester in absolute terms, and exceeds by nearly 9,000 million euros the best equivalent result, for the first half of 2011, when they totalled 110,009 million euros.
Excluding the effect of export prices – approximated by unit value indices, which grew by 0.1% – exports increased by 7.8% year-on-year in January-June 2013.
Imports decreased by 3.2% year-on-year to 124,546 million euros in this period. However, the volume of imports rose by 1.2% year-on-year given that import prices declined by 4.3%.
As a result, the trade deficit in the first half of 2013 fell by 68.8% to 5,824.4 million euros, almost a third of the same data posted for 2012 (18,641.5 million). The coverage rate was 95.3%, 9.8 points higher than that of the first six months of last year (85.5%).
The focus on new destinations for Spanish exports is clearly reflected in the results from the first half of the year. The highest growth was posted by exports to non-EU countries with an increase of 13.8% on the same period last year. Strong growth was recorded in Spanish exports to all non-EU destinations: to Asia by 18%; to Africa by 17.8%; to America by 6.2%; to Latin America by 9.4%; and, finally, to Oceania by 36.3%.
Major increases were also registered in sales to emerging countries with higher growth potential such as South Africa (+64.2%), Algeria (+31%), Brazil (+40.4%), China (+13.4%) , Morocco (+10.2%) and the United States (+5.4%).
Exports to the more traditional destinations also advanced in the six months from January to June, by 4.7% in the case of sales to the European Union and by 3.1% for the eurozone. In light of these figures, the percentage of all Spanish exports sent to the EU and Eurozone has fallen to 62.2% and 48.6%, respectively.
In regional terms, noteworthy growth was recorded in exports from the Region of Madrid (13.5% of the total with growth of 27.6%), Galicia (7.5% of the total with growth of 19.2%), Andalusia (11.9% of the total with growth of 10.4%) and the Region of Valencia (10% of the total with growth of 11.5%).
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