Spanish exports performed particularly well between January and October 2013,
with year-on-year growth of 6.2% to 196.61 billion euros. As a result, new
all-time highs continue to be posted in terms of the accumulated total export
figure when compared with equivalent periods since records began (1971). Bearing
in mind the increase in export prices - approximated using unit value indices -
of only 0.1% in this period, the variation in real terms remains practically
unchanged at 6.1%.
Imports fell by 2% year-on-year in this period (208.97 billion euros), although they have risen by 2.6% in real terms following a 4.5% drop in import prices - approximated using unit value indices.
As a result, the trade deficit stood at 12.37 billion euros - approximately one third of the amount posted in the same period of 2012 (-28.06 billion euros). The rate of coverage stood at 94.1%, 7.3 points higher than in the period January-October of 2012 (86.8%). The non-energy surplus stood at 22.6 billion euros - more than double the figure posted in the same period of 2012 (10.78 billion euros), while the energy deficit shrank by 10% year-on-year to 34.96 billion euros.
Over the course of the year as a whole, Spanish exports to non-EU markets continue to post noteworthy growth to the tune of 7.5% year-on-year, particularly to Asia (13.5%) and Africa (11.9%). Hence, non-EU destinations now account for 37.6% of Spanish exports. It is especially worth noting the positive results from Spanish exports to such emerging markets as South Africa (up 56% in the period), Brazil (+31%), China (+9%) and Turkey (+5%).
The improvements seen in Europe as a whole explain why Spanish exports to the EU have risen by 5.4% on the same period in 2012, with the increase in exports to the Eurozone in the period standing at 4.3%.
From a sectoral point of view, this period consolidated the upward trend in the export of capital goods (accounting for 20.8% of the total and up 14.4% year-on-year), automotive products (14% of the total and up 8.8%) and chemical products (14.4% of the total and up 6.1%). The specific headings posting the best results were those of aircraft (1.1 points, mainly to the United Kingdom, Saudi Arabia and United Arab Emirates) and motor vehicles and motorcycles (1 point, mainly to the United Kingdom and, to a lesser degree, Turkey and Portugal).
In terms of imports, it is worth highlighting the upward trend in the import of automotive components (up 11.8%) and aircraft (up 50.7%).
The autonomous regions posting the best results in terms of exports in the period were the Region of Madrid (13.3% of the total and up by 17.8%), the Region of Valencia (9.8% of the total, up by 13.3%), Galicia (7.7% of the total, up by 9%) and Andalusia (11.2% of the total, up by 5.1%).
The trend in Spanish exports in the period January to October stands in contrast with the performance posted by Spain's main European competitors, which recorded negative rates for the period as a whole: France -1.7%; Germany -0.7% and Italy -0.2%. The rate posted by the EU-28 group stands at 0.9%, noticeably lower than the accumulated rate posted by Spain.
Spanish goods exports in October grew by 1.8% year-on-year to a total of 21.46 billion euros. This rate of growth increases to 2.2% when discounting seasonal effects.
The sectors of greatest significance to Spanish exports performed much better. Exports from the motor vehicle and motorcycle sector grew by 19.2%; from the capital goods sector by 7.7%; and from the chemical products sector by 4.4%.
This confirms the positive results being posted by Spanish exports with medium-high technology content. On the other hand, the export of energy products in October fell by 16.5% on the same month in 2012.
The negative result under this heading, as well as the negative result posted by the export of Spanish raw materials and non-chemical semi-manufactured products, has an important influence on the overall export result in the month. The decline in the contribution from the foodstuffs sector when compared with the same month in 2012 should also be noted, especially the subsectors of fruits and vegetables, oils and fats, and meats. The year-on-year rate of growth stands at 2.1%, lower than the figures posted in previous years.
Imports amounted to 22.82 billion euros, 1.1% higher than in October 2012 (1.4% year-on-year in seasonally-adjusted terms). Import growth was much higher in real terms - up 8.4% year-on-year because of a 6.7% fall in prices.
Non-energy imports have again increased considerably (up 3.7%), which could be a reflection of the internal improvements being seen in the Spanish economy as a whole, while the import of energy products fell by 7.4%.
The trade deficit continues to fall, now standing at 1.36 billion euros - 9% lower than in October 2012 (1.49 billion euros). The rate of coverage rose by 1.4 points to 94%.
The non-energy surplus was 2.1% higher than in the same month last year and stood at 1.98 billion euros (1.93 billion euros in October 2012). The energy export downturn explains why the energy deficit reduction this month was only 2.7% year-on-year (3.33 billion euros).
From a geographic perspective, the budding European recovery explains why this region is gaining significance as a destination for Spanish exports. This was also the case in the previous month. Exports to the EU accounted for 64% of the total, higher than the 61.1% posted in October 2012. For the most part, this increased significance can be attributed to the Eurozone.
The growth in exports to the European Union (6.8% year-on-year in October) contrasts with the fall in exports to non-EU countries (-6%), in this case due to the strong growth recorded in the same month of 2012. Nonetheless, positive growth continues to be recorded by Spanish exports in October to certain economies with strong potential, such as Japan (up 20%), South Africa (up 59.7%), Brazil (up 17%), Nigeria (up 15.6%) and South Korea (up 5%).
In terms of their contribution to the trend seen in total exports, the three main destinations at a global level were France (accounting for 2.7 points due to growth in exports from the motor vehicle and motorcycle sector), followed at some distance by the United Kingdom (accounting for 0.7%, above all because of automotive components and electrical appliances) and Portugal (accounting for 0.6 points, especially due to exports from the motor vehicle and motorcycle sector).
On the other hand: one of Spain's main partners outside of Europe - the United States (accounting for -0.7 points, with a strong decline in oil and derivatives and, to a lesser extent, in automotive components and specific machinery for industry), Algeria (accounting for -0.6 points, above all due to motor vehicles and motorcycles and oil and derivatives) and Italy (accounting for -0.5 points, mainly due to oil and derivatives, chemical products and iron and steel).
Export trends in Spain continue to post better results than those of our main EU partners. Germany posted a year-on-year rate in October 2013 of 0.6% and Italy posted a rate of 0.8%, while France continues to post negative rates (-0.2%). The year-on-year rate posted by the EU-28 stands at 0.6%.
Imports fell by 2% year-on-year in this period (208.97 billion euros), although they have risen by 2.6% in real terms following a 4.5% drop in import prices - approximated using unit value indices.
As a result, the trade deficit stood at 12.37 billion euros - approximately one third of the amount posted in the same period of 2012 (-28.06 billion euros). The rate of coverage stood at 94.1%, 7.3 points higher than in the period January-October of 2012 (86.8%). The non-energy surplus stood at 22.6 billion euros - more than double the figure posted in the same period of 2012 (10.78 billion euros), while the energy deficit shrank by 10% year-on-year to 34.96 billion euros.
Over the course of the year as a whole, Spanish exports to non-EU markets continue to post noteworthy growth to the tune of 7.5% year-on-year, particularly to Asia (13.5%) and Africa (11.9%). Hence, non-EU destinations now account for 37.6% of Spanish exports. It is especially worth noting the positive results from Spanish exports to such emerging markets as South Africa (up 56% in the period), Brazil (+31%), China (+9%) and Turkey (+5%).
The improvements seen in Europe as a whole explain why Spanish exports to the EU have risen by 5.4% on the same period in 2012, with the increase in exports to the Eurozone in the period standing at 4.3%.
From a sectoral point of view, this period consolidated the upward trend in the export of capital goods (accounting for 20.8% of the total and up 14.4% year-on-year), automotive products (14% of the total and up 8.8%) and chemical products (14.4% of the total and up 6.1%). The specific headings posting the best results were those of aircraft (1.1 points, mainly to the United Kingdom, Saudi Arabia and United Arab Emirates) and motor vehicles and motorcycles (1 point, mainly to the United Kingdom and, to a lesser degree, Turkey and Portugal).
In terms of imports, it is worth highlighting the upward trend in the import of automotive components (up 11.8%) and aircraft (up 50.7%).
The autonomous regions posting the best results in terms of exports in the period were the Region of Madrid (13.3% of the total and up by 17.8%), the Region of Valencia (9.8% of the total, up by 13.3%), Galicia (7.7% of the total, up by 9%) and Andalusia (11.2% of the total, up by 5.1%).
The trend in Spanish exports in the period January to October stands in contrast with the performance posted by Spain's main European competitors, which recorded negative rates for the period as a whole: France -1.7%; Germany -0.7% and Italy -0.2%. The rate posted by the EU-28 group stands at 0.9%, noticeably lower than the accumulated rate posted by Spain.
Spanish goods exports in October grew by 1.8% year-on-year to a total of 21.46 billion euros. This rate of growth increases to 2.2% when discounting seasonal effects.
The sectors of greatest significance to Spanish exports performed much better. Exports from the motor vehicle and motorcycle sector grew by 19.2%; from the capital goods sector by 7.7%; and from the chemical products sector by 4.4%.
This confirms the positive results being posted by Spanish exports with medium-high technology content. On the other hand, the export of energy products in October fell by 16.5% on the same month in 2012.
The negative result under this heading, as well as the negative result posted by the export of Spanish raw materials and non-chemical semi-manufactured products, has an important influence on the overall export result in the month. The decline in the contribution from the foodstuffs sector when compared with the same month in 2012 should also be noted, especially the subsectors of fruits and vegetables, oils and fats, and meats. The year-on-year rate of growth stands at 2.1%, lower than the figures posted in previous years.
Imports amounted to 22.82 billion euros, 1.1% higher than in October 2012 (1.4% year-on-year in seasonally-adjusted terms). Import growth was much higher in real terms - up 8.4% year-on-year because of a 6.7% fall in prices.
Non-energy imports have again increased considerably (up 3.7%), which could be a reflection of the internal improvements being seen in the Spanish economy as a whole, while the import of energy products fell by 7.4%.
The trade deficit continues to fall, now standing at 1.36 billion euros - 9% lower than in October 2012 (1.49 billion euros). The rate of coverage rose by 1.4 points to 94%.
The non-energy surplus was 2.1% higher than in the same month last year and stood at 1.98 billion euros (1.93 billion euros in October 2012). The energy export downturn explains why the energy deficit reduction this month was only 2.7% year-on-year (3.33 billion euros).
From a geographic perspective, the budding European recovery explains why this region is gaining significance as a destination for Spanish exports. This was also the case in the previous month. Exports to the EU accounted for 64% of the total, higher than the 61.1% posted in October 2012. For the most part, this increased significance can be attributed to the Eurozone.
The growth in exports to the European Union (6.8% year-on-year in October) contrasts with the fall in exports to non-EU countries (-6%), in this case due to the strong growth recorded in the same month of 2012. Nonetheless, positive growth continues to be recorded by Spanish exports in October to certain economies with strong potential, such as Japan (up 20%), South Africa (up 59.7%), Brazil (up 17%), Nigeria (up 15.6%) and South Korea (up 5%).
In terms of their contribution to the trend seen in total exports, the three main destinations at a global level were France (accounting for 2.7 points due to growth in exports from the motor vehicle and motorcycle sector), followed at some distance by the United Kingdom (accounting for 0.7%, above all because of automotive components and electrical appliances) and Portugal (accounting for 0.6 points, especially due to exports from the motor vehicle and motorcycle sector).
On the other hand: one of Spain's main partners outside of Europe - the United States (accounting for -0.7 points, with a strong decline in oil and derivatives and, to a lesser extent, in automotive components and specific machinery for industry), Algeria (accounting for -0.6 points, above all due to motor vehicles and motorcycles and oil and derivatives) and Italy (accounting for -0.5 points, mainly due to oil and derivatives, chemical products and iron and steel).
Export trends in Spain continue to post better results than those of our main EU partners. Germany posted a year-on-year rate in October 2013 of 0.6% and Italy posted a rate of 0.8%, while France continues to post negative rates (-0.2%). The year-on-year rate posted by the EU-28 stands at 0.6%.
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