Trade deficit doubles in the first half by falling … – Digital Leaders

Trade deficit doubles in the first half by falling … – Digital Leaders

As reported by the Ministry of Economy and Competitiveness, this figure is because imports rose 5.3% through June and totaled 131,147.7 million, while exports grew by only 0.5%, but totaled 119,265.3 million, a new record since records began (1971).

In the month of June, the trade deficit amounted to 1,477 million euros and the coverage rate stood at 93.3%. Exports fell 1.2% from the same month of 2013, while imports rose 5.4%.

Part of imbalance by Spanish foreign energy dependence is also explained. The non-energy surplus reached 8.416 million euros, but the energy deficit rose to 20.299 million, 3.5% lower than a year ago.

Exports outside the Eurozone

The executive also said that it is producing a slowdown in demand from non-EU countries, brings appreciation experienced by the euro in this period.

Exports to countries outside the eurozone declined by 3.1% yoy, which totaled 36.4% of sales abroad. “However, it was remarkable growth in sales to South Korea (85.5% yoy), Japan (26.5%) and Mexico (12.0%) and the significant increase in those to the United States ( 12.3%), “the Government.

Food, beverages and snuff were positioned as the most important sectors in export, accounting for 15.8% of total foreign sales.

Meanwhile, the Secretary of State for Trade, Jaime García Legaz attributed the slowdown in exports to an adverse external scenario. He stressed that despite the slowdown in exports, Spain continues to have trade surplus with its major partners. “Spain will not seek to build an export model based on low prices and low costs, but technology and competitiveness,” outlined.