Spain’s energy bill abroad skyrockets to 43,400 million

by time news
  • The purchase of oil and gas is multiplied by 2.4 times in the first six months of the year

  • Exports of energy goods are also growing strongly, but remain around 18,000 million.

The energy crisis continues to take its toll on the Spanish economy. In the first six months of the year, the purchase of energy products abroad has multiplied by 2.4 times compared to the same period of the previous year, reaching almost 43,384.6 million euros, 140.6% more than the 17,949 .7 million added to the Spanish energy bill in the first half of 2021.

According to foreign trade data published this Thursday by the Ministry of Industry, Trade and Tourism, the increase in the energy bill is due both to the purchase of a higher volume of oil and gas to countries such as the USA, Nigeria, Russia or Algeria (73% more) as to the increase in 38.8% of its prices.

Las energy exports from Spain to other countries have also grown strongly, although somewhat less. In the first six months of the year, energy sales abroad have multiplied by 2.2 times, reaching almost 18,000 million (17,949 million euros). In particular, increased sales of oil and byproducts to countries such as France, USA, the Netherlands and Portugal and those of coal and electricityd, to France and Portugal, above all.

As a balance of exports and imports, the energy trade balance deficit It was raised to 25,894 million euros, more than double the gap of 10,097 million in the same period of the previous year.

Balance of trade

The data from the energy balance radically condition the results of foreign trade for the first semester published by the Ministry of Industry this Thursday. Energy is the main responsible for the trade deficit has risen in the first half to 31,963 million euros, compared to the 5,397.3 that were recorded in the first half of 2021.

Read more:  3 years after it was established: Cisco acquires an Israeli startup for more than 200 million dollars

The trade deficit is the result of exports which grew by 24.8% between January and June, reaching a historical record of 190,919 million euros, compared to some imports which increased by 40.7%, to also mark a record of 222,882.2 million euros. The coverage rate of exports compared to imports stood at 85.7%, that is, 10.9 percentage points less than that of January-June 2021 (96.6%).

In particular, the non-energy balance showed a deficit of 6,069.4 million euros (compared to a surplus of 4,700.2 million euros in January-June 2021), while the energy deficit increased to 25,893.9 million euros .

The accumulated results for Spain show a greater growth of exports than that registered in the European Union (21.8% year-on-year) and in to the euro zone (22.3%). Among the main economies of the European Union, exports of Germany grew by 13.3% year-on-year, Franksto a 20.1% e Italia 22.4%. Outside the European Union, exports of United Statess (20,3% interanual), China (13.2%), Japan (15.2%) and United Kingdom (16,1%).

recovery engine

Related news

From the Exporters and Investors Club This Thursday, “the dynamism of Spanish exports as the engine of economic recovery” was highlighted. Proof of this -they add- is that exports experienced a growth in volume of 6.6% during the first semester (the increase rises to 24.8% if the rise in prices is taken into account).

Despite this, the Club emphasizes the need to continue adapting to a changing environment, marked by an international context of particular uncertainty, where The United States has entered a recessionthe largest market in the world, and calls for economic policies that promote international competitiveness. Antonio Bonetpresident of the Exporters and Investors Club, stressed “the need to undertake structural reforms that facilitate the increase in the number of regular exportersyes”. In Spain there are only 59,000 companies that export regularly and of these only 25,000 sell abroad more than 50,000 euros a year.

You may also like

Leave a Comment