2023-08-19 10:00:44
The strength of the exports Spanish goods companies has been a basic pillar for the recovery of the Spanish economy after its collapse due to the crisis sanitaria. Its vigor during 2022, moreover, was essential to mitigate the effects of the energy price crisis that caused the war in Ukraine. But almost suddenly the red lights have come on.
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Data on foreign trade published this week show that exports have grown an appetizing 4.7% in the first half of the year, reaching a new historical record”, as the Ministry of Commerce and Tourism underlined in its press release. But it is a mirage. If the rise in prices is discounted, the truth is that sales abroad have fallen: in volume, the export of goods has dropped 2.2% in the first half of the year, according to data from the Ministry itself, in a context of slowdown in the economies of Spain’s main trading partners. It’s not just that it’s not real export record that the Government intends to sell; is that the volume of sales abroad is already below what it was before the outbreak of the health crisis.
Already in the first trimester of the year, the volume of exports of goods (without counting tourism) gave a first scare with an unexpected royal recoil of 3.6% which ended up weighing down the growth of the Spanish economy as a whole. In it second trimester the trend has gone further. Red lights can no longer dazzle. “These data may be the prelude to a significant slowdown in economic growth in Spain,” warned the Exporters and Investors Club from Spain. And it is that the fall in foreign sales of goods will end up affecting an industry for which a period of recession is already predicted in the second half of the year. It is of little consolation that other European partners fare even worse. Luckily the overflowing impulse of tourism will be able to continue saving, once again, the accounts of the foreign sector.
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