The good performance of exports in the automobile, capital goods and food sectors stands out
The trade deficit stood at 29,596 million euros in the first nine months of the year, which represents a reduction of 44.6% compared to the same period of the previous year, according to data from the Ministry of Industry, Commerce and Tourism.
The reduction in the deficit is due to an increase in Spanish exports of 0.3% year-on-year in the same period, reaching 287,586 million euros, a new historical maximum, while imports stood at 317,182 million euros.
“The dynamism of Spanish exports compared to imports reduces the trade deficit by up to 44%,” the acting Minister of Industry, Commerce and Tourism, Héctor Gómez, highlighted in a statement.
The non-energy balance showed a deficit of 4,718 million euros until September, compared to the negative balance of 13,380 million euros in the same period of the previous year, while the energy deficit was reduced to 24,878 million euros.
The coverage rate stood at 90.7%, which is 6.4 percentage points higher than that registered in January-September 2022 (84.3%).
THE INCREASE IN EXPORTS IN SPAIN EXCEEDS THAT IN THE EU
The year-on-year increase in Spanish exports between January and September (0.3%) contrasts with the decreases recorded in the EU-27 (-1.1%) and the eurozone (-1.9%).
The main positive contributions of exports from January to September 2023 came from the automobile sector, with a contribution of 2.8 points; capital goods (1.9 points) and food, beverages and tobacco (0.8 points).
The Minister of Industry has highlighted the “boom” in Spanish exports of services, which increased by 26.4% in 2022. “Without a doubt, the Spanish foreign sector is an engine of economic growth and a generator of employment,” the minister remarked. in functions.
EXPORTS TO THE EU INCREASE
Regarding destinations, exports to the European Union (62.8% of the total) increased by 1.1% year-on-year in the first nine months of the year, while sales to the euro zone (54.8% of the total ) grew by 0.2% and those destined for the rest of the European Union (8% of the total) increased by 7.4%.
For their part, exports to third destinations account for 37.2% of the total.
According to the Ministry, the autonomous communities with the greatest growth in their exports in the January-September period were Castilla y León, Catalonia and La Rioja.
EXPORTS FALLED BY 10.4% IN SEPTEMBER
Based on data from September only, Spanish merchandise exports decreased by 10.4% year-on-year, to 31,015 million euros. Imports, for their part, decreased by 16.2% in year-on-year terms, to 34,853 million euros.
As a result, a deficit of 3,838 million euros was recorded, lower than the deficit of 6,976 million in September 2022.
For its part, the non-energy balance showed a deficit of 886 million euros, below the 2,481 million euros of the same month last year, while the energy deficit fell to 2,953 million euros, compared to 4,495 million euros. million euros from a year before.
