Spain Posts Largest September Trade Gap in 8 Years

The Spanish trade deficit widened to EUR 4.26 billion in September 2019 from EUR 3.30 billion in the corresponding month of the previous year. It was the largest trade gap for a September month since 2011, as imports rose 8.9 percent and exports increased at a softer 5.8 percent. Considering the third quarter as a whole, the country recorded a EUR 10.73 billion trade shortfall.
Ministerio de Industria, Comercio y Turismo | Stefanie Moya | stefanie.moya@tradingeconomics.com 11/21/2019 9:40:29 AM
Imports went up 8.9 percent over a year earlier to EUR 27.73 billion in September, boosted by higher purchases of equipment goods (14.1 percent); automotive sector (16.3 percent); food, beverages and tobacco (14.5 percent); chemicals (2.6 percent); manufactured consumption goods (12.3 percent); durable consumer goods (8.7 percent); energy products (1.2 percent); and other products (69.7 percent). On the other hand, purchases dropped for non-chemicals semi-manufactures (-1.2 percent); and raw materials (-0.6 percent).

Among major trading partners, imports rose from the Euro Area (8 percent), namely France (11.1 percent); Germany (7.2 percent) and Portugal (11.6 percent); China (11.9 percent); and the US (20.5 percent).

Exports advanced at a softer 5.8 percent from a year ago to EUR 23.47 billion, driven by higher higher sales of automotive sector (17.1 percent); food, beverages and tobacco (10.8 percent); chemicals (7.4 percent); manufactured consumption goods (10.4 percent); other products (+47.3 percent); and durable consumer goods (0.1 percent). In contrast, sales fell for non-chemicals semi-manufactures (-3.6 percent); energy products (-4.4 percent); and raw materials (-9.4 percent). 

Among major trading partners, sales increased to the Euro Area (5.2 percent), of which Germany (3.6 percent), France (2.4 percent), Portugal (5.2 percent) and Italy (12.3 percent); China (12.3 percent); and the US (15.1 percent).

Considering the first nine months of the year, the country's trade shortfall increased to EUR 25.45 billion from EUR 24.19 billion in the same period of 2018, as imports advanced 2 percent to EUR 241.05 billion and exports rose 1.6 percent to EUR 215.60 billion.

Spain Posts Largest September Trade Gap in 8 Years