The trade deficit reached 60,289.5 million euros until October, which means multiplying by almost four the deficit of 16,628.9 million in the same period of 2021, according to data published this Thursday by the Ministry of Industry, Commerce and Tourism.

This result is a consequence of the 38% increase in imports, up to 380,020.7 million euros, a historical maximum, due to the rise in international prices of energy products; while exports rebounded by 23.6%, to 319,731.2 million euros, also a record for the series.

In volume, exports rose 4.2% year-on-year, as their approximate prices by unit value indices increased by 18.7%, and imports grew 9.7% year-on-year, as their prices rose by 25 .9%

The coverage rate (ratio between exports and imports) stood at 84.1%, that is, 9.8 percentage points less than that registered between January and October 2021.

The non-energy balance showed a deficit of 16,381.9 million euros, compared to the surplus of 2,575.3 million euros in the same period of 2021, while the energy deficit increased to 43,907.6 million euros, more than double the amount of 19,204.2 million registered in the same period of the previous year.


According to the report, exports to the European Union in the period represented 62.4% of the total (61.9% in the same period of the previous year) and increased by 24.6% year-on-year, while those directed to the euro zone, 54.8% of the total, increased by 24.2% year-on-year. For its part, exports to non-EU destinations -37.6% of the total- rose by 21.9% year-on-year.

On the other hand, in terms of contribution to the annual variation rate of total exports, the main destinations worldwide were: France (3.1 points), Portugal (2.6 points), Belgium (2.3 points) and Germany (1.6 points). In contrast, the largest negative contributions corresponded to Russia (-0.3 points), China (-0.3 points), Algeria (-0.2 points) and Ukraine (-0.1 points).

By autonomous community, the community that experienced the highest interannual variation rate of its exports in the period was the Canary Islands (96.2%), followed by the Balearic Islands (51.4%) and the Community of Madrid (46.6%). On the other hand, the only community in which exports fell was Castilla y León (-3.8%).

The main sectors in terms of weight over total exports in the period were chemical products, which represented 18.1% of the total, capital goods (17.3% of the total), food, beverages and tobacco (16.5 % of the total) and non-chemical semi-manufactures (11.4% of the total).


Analyzing the data only for the month of October, the trade deficit stood at 6,852.5 million euros, which means multiplying by two the amount of 3,361.4 million for the same month of 2021.

Spanish merchandise exports increased by 15.1% over the same month in 2021, to 33,057.8 million euros, while imports rose 24.4% in year-on-year terms, to 39,910.2 million euros .