The trade deficit decreased by 10.7% in July

2024-09-20 16:42:18

Spain’s trade deficit in the first seven months of this year was 19.0362 million euros, 10.7% less than in the same period of 2023, according to the announcement from the Ministry of Economy, Commerce and Business published next Friday.

Exports reached 228,375 million euros in the year to July, 0.9% less and the second highest recorded for the same period, while imports reached 247,4113 million euros, 1.7% less.

The non-energy deficit decreased by 40.3%, to 1,192.5 million, and the energy deficit decreased by 7.7%, to 17,843.7 million euros.

Exports by geographic area

By geographic area, exports to the European Union-27 accounted for 62.1% of the total, while exports to non-EU destinations accounted for 37.9% of the total.

Specifically, with the European Union a surplus of 20,210.2 million was recorded, while the trade deficit with non-EU countries decreased to 39,246.4 million.

The countries to which the Spanish economy registered surplus The same sources of data were: France (13,765.6 million), Portugal (8,595.6 million) and the United Kingdom (8,199.0 million).

By sectors

By sector, food, beverages and tobacco had the largest surplus (11,832.8 million euros), followed by automobiles (5,466 million) and non-chemical semi-chemical articles (3,942 million).

Economy shows that the number of regular exporters increased by 4.9% in the period, up to 43,971, who sold goods worth 219,426.1 million, 6.1% of the total and 2.3% more than in the same period of the previous year.

According to the autonomous community, the Canary Islands had the most significant growth in their exports, 21.7%, followed by Extremadura (14.5%) and Castilla y León (11%).

9.3% increase in exports in July

Regarding the data for July, exports were 33,269.6 million, 9.3% more compared to the same month of the previous year and a historical maximum for July, while imports were 36,483, 3 million euros, 3.2% more more.

The economy emphasizes the “strength” of the foreign sector

he Ministry of Economy underlining the “strength” of the Spanish foreign sector, which is “also reflected in the reduction of the trade deficit in July to 3,213.8 million euros, which represents a 34.4% drop compared to the same month of 2023”.

The sectors with the largest positive contributions to the annual variation rate of exports were: food, beverages and tobacco (2.4 points), chemical products (2.1 points), capital goods (1.5 points) and manufacturing consumption (1 point).

By destination markets, exports to the European Union-27 accounted for 59.4% of the total and increased by 5.8% year on year, as well as reaching higher figures in 13 community destinations, including the Germany, Italy, Portugal or Belgium.

Exports to non-EU destinations accounted for 40.6% of total exports and increased by 14.9% year on year. Historic highs for the month were achieved in markets such as the United Kingdom, the United States, Morocco, China and Mexico.