Spain in May slashing balance in its trade balance 29 July, 2013 The trade deficit in May is only 27, 5 million euros for 1925.9 the same month of 2012. Exports continue to expand with growth of 7.3% year and 2.4% compared to April 2013 “From January to May exports rose by 7.4% and imports fell by 3.2%” The accelerated pace of export growth and to a lesser extent the fall in imports of goods allowed the Spanish trade balance brush balance in May. The deficit of 27, 5 million euros, in stark contrast to the deficit of 1925.9 million in the same month of 2012. Spanish exports totaled 20,890, 8 million euros, 7.3% more than in the same month in 2012 and 2.4% on the month of April 2013. Excluding the effect of the fall in export prices, by 0.3% in real terms the behavior was better as it grew by 7.7% yoy. This positive performance of the external sector of the Spanish economy contrasts with the fall in exports in the month of May, the euro area (-2.1%), Germany (-4.8%), France (-3.4% ), Italy (-1.5%) and the UK (-1%). The most important chapters of our exports were capital goods, which account for 19.4% of the total and grew by 5.3% yoy, food, 15.2% of the total, with an increase of 9.2 % and the car, 14.6% of the total, an increase of 6.8%. By sub-sector, include the advancement of textile exports (+33.1%), industrial machinery (+10.1%), aircraft (+29.7%) and appliances (+36.2 %), taking in the last three cases, a medium-high technological content. Imports reached in the month of May a total of 20,918.2 million euros, 2.2% less than the same month in 2012. However, in real terms our foreign purchases rose 3.9% as prices fell 5.8%. As a result of these data, our exports in May almost could pay our imports of goods, which is reflected in a coverage rate of 99.9%, 8.9 points higher than in May 2012 (91.0%). The surplus energy not in May reached the 2,667 million euros, 70% more than the same month last year (1562.8 million), while the energy deficit was significantly reduced up to 2694.4 million, 22.8% lower than in May 2012. In this regard, it is noteworthy that while our exports of energy products increased by 44.1%, our imports declined 5.3%. The reorientation of our exports explains that sales to non-EU destinations again become the most dynamic. Already represent 37% of the total and increased by 9.1% compared to May 2012. Highlights exports to Africa, which increased by 21.5% and accounted for 7.6% of the total, a remarkable increase in sales to Algeria (+50.3%) and South Africa (+41.4%). They also increase sales to Asia (+12.7%), in particular the two largest economies, China (+12.9%) and India (+11.4%). In North America, exports to the U.S. rose 18.7%, and Latin America, highlights the strong increase in sales to Brazil, 52.6%. Spain’s trade balance with the EU continued to grow in positive territory up to 2189.1 million euros (1,289.3 million in May 2012). With the euro zone trade surplus stood at 1339.0 million euros (907.5 million in May 2012). They remain positive trade balances with our major trading partners such as France (962 million), Italy (218 million), United Kingdom (804 million) and Portugal (748 million). In Germany, the deficit was reduced by 6.7% to 313.8 million. January to May 2013 In the first five months of 2013 Spanish exports of goods grew by 7.4% over the same period of 2012, to 97,873.7 million euros, while imports fell by 3.2% to 103,591.4 million. Given that export prices, proxied by unit value indices, decreased by 0.4% in real terms exports rose 7.9% year on year. In contrast, imports rose in real terms by 1.4% year on year in January-May 2013, as prices of imports decreased by 4.6%. In terms of stocks, the trade deficit was EUR 5717.7 million, 64.1% below the level recorded in the same period of 2012 (15941.2 million). The non-energy balance showed a surplus of EUR 12,288.1 million (3873.6 million euros in May 2012), while the energy deficit decreased by 9.1% to 18,005.7 million euros. The coverage rate reached 94.5%, 9.4 points higher than the same period last year (85.1%). Exports to non-EU markets accounted for 38.2% of the total, an increase of 16.3% compared to the values of the same period last year. It should be noted in particular the behavior of sales to Africa, which grew by 20.4%, namely Algeria (+37.4%) and South Africa (+75,5%). It is also very positive sales growth in Asia (+20.4%), especially in China (+17.1%) and the Middle East, Saudi Arabia (+83.1%) and United Arab Emirates (+74,3%). In North America, the increase in exports to the United States was substantial (10.9%), and Latin America, we must highlight the strong increase in sales to Brazil (+43.6%) and Chile (22 , 9%). Despite the weak situation in Europe, the EU exports advanced 2.6% over the same period in the previous year, and those to the euro area (48.5% of total) increased by 1.2% . Exports to EU countries outside the euro area (13.3% of total) grew by 7.9%. The EU trade balance reached in the first five months of the year a surplus of 8352.3 million euros (4884.5 million euros in January-May 2012). Also with the euro area got a significant increase in the surplus, which rose from 3335.5 million euros to 5,100.5 million euros in the same period of 2013. Faced with non-EU countries, the trade deficit in January-May 2013 amounted to 14070.0 million euros (32.4% less than in January-May 2012). In this period increased surplus balances with our major trading partners such as France (4295.5 million, up 0.3%), United Kingdom (2.761 million, an increase of 104.9%) and Italy (1.038 million, growth 564.8%), while the deficit with Germany fell 28.5%. It also highlights the trade surplus with Oceania (788.0 million) and reductions in trade deficits with the Middle East (down -66.6%), Latin America (-54.5%) and North America (- 44.0%). The most dynamic sectors in the export side so far in 2013 were capital goods, whose exports accounted for 21.0% of the total, grew at an annual rate of 18.1%, food (15.2% of total growth of 6.3%), and automotive (14.4%, up 5.7%). Within these sectors, is very positive developments in certain sub-sectors with high technological content to medium-high and higher added value, such as aircraft exports, which grew by 90.3%. They also grow substantially foreign sales of industry-specific machinery, (+59,3%), precision equipment (+12.1%), or medications (14.3%). Source: Ministry of Economy and Competitiveness and ICEX
Posted on: Mon, 29 Jul 2013 10:48:58 +0000
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