The trade deficit reached 11,882.4 million in the first six months of the year , which represents more than two-fold increase on the same period last year (EUR 5.824 million) , as reported on Monday by the Ministry of Economy and Competitiveness. This figure is because the imports rose 5.3% to June and totaled 131,147.7 million, while exports grew by only 0.5%, but totaled 119,265.3 million euros, a new record since records began (1971).
The Spanish exports exceeded the behavior of the French and British, though they fell below German In real terms imports down 8.1% to their approximate Securities Indices by Unitarians (UTI) 2.6% prices increased. According to Economy, the momentum of domestic demand in the economic recovery is motivating “largely” the growth of imports . Meanwhile, exports advanced 0.9% in real terms by 0.4% after declining export prices measured by the UTI.
In any case, the Spanish exports exceeded the behavior of exports French (-1.8%) and UK (-14.7%) , but were below the German (+ 2.4%). Outside the EU, the United States exports increased 2.9%, while Japan continued their growth (+ 3.2%) in the first half. It also emphasizes that economics Spanish exports gained momentum in the second quarter of the year after a first quarter “weaker”, registering an increase of 4.2% qoq.
From January to June, the non-energy surplus stood at 8416.7 million and the energy deficit decreased by 3.5% to 20,299.1 million euros. The coverage rate stood at 90.9%, 4.4 lower than the same period last year (95.3%) points. According to the Ministry, in the first six months of the year slowing demand in countries outside , caused by the weakness of some emerging economies and the appreciation of the euro, “which urged it appreciated the Spain sales outside the monetary union. “
highlights the growth in exports to South Korea, Japan and Mexico So, the exports to third countries decreased by 3.1% year and represented 36.4% of the total. However, he highlighted the growth in exports to South Korea (+ 85.5% yoy), Japan (+ 26.5%) and Mexico (+12%), which exports boosting joined United States (+12.3%).
Meanwhile, exports to the EU increased by 2.6% (4.7% in 2013), which were destined Eurozone increased by 3% (3.1% in the same period of 2013) and to the rest of the European Union grew by 1%, compared to 10.6% in 2013.
These increases were reflected in the weight of intra-EU exports, which reached 63.6% of the total in the first six months of the year, compared to 62.3% in the same period last year.
In terms contribution to the rate of change in total exports, major destinations worldwide were Portugal (explained 0.6 percentage points of the increase in exports, especially associated with cars and motorcycles), Germany (0.6 points, primarily related to cars and bikes and road transport), United States (0.5 points) and the Netherlands (0.4 points).
The automotive sector
From a sectoral perspective Economy performed well in the sector food, beverages and snuff, whose exports rose 5.7% in the first half and accounted for 15.8% of Total. Similarly, excel automotive , which increased its overseas sales by 5.5% and accounted for 15.2% of the total, and manufactured consumer goods, which rose 4.3 % and represented 8.7% of the total.
So, in terms of contributions to the growth of exports, food, beverages and snuff sector contributed nine-tenths, the automotive sector did eight tenths and manufactures consumer with four.
With regard to imports, highlighted the growth of 11.2% of purchases of equipment goods sector, reflecting, according to the Ministry, the “nascent recovery in economic activity” and investment. Specifically, increased imports of machinery and equipment (13.7%) and transport equipment (+12.5%).
By region
By region , the region saw exports grow more in the first half was Valencia, who contributed 0.7 points of the increase in exports. Its exports accounted for 10.7% of the total and grew by 7.3% yoy.
The Valencian Community is the region’s export growth was in the first half Secondly stood the Basque Country , which also contributed 0.5 points. In this case, exports accounted for 9.2% of the total and grew by 5.4%. Also with 0.5 points contribution is Catalonia (25% of total exports rose by 1.8%), whereas it stood 0.4 points Castile and Leon and 0.3 points Navarra.
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