Exports up 25% in the first half, imports up by 41%, increasing the trade balance to 32,000 million euros compared to 5,400 last year
The strong attraction of imports of goods and services in the first half of the year, 40.7% higher than the year before, pushed Spain’s trade deficit to almost 32,000 million euros. This figure multiplies by six from the 5,400 million in the first half of 2021, according to data released this Thursday by the Ministry of Industry, Trade and Tourism.
Despite exports rising to 191,000 million in the first semester (up 24.8%), they did not compensate for the historic peak that imports reached, reaching almost 223,000 million (up 40.7%). In that sense, the coverage ratio (ratio between exports and imports) stood at a low 85.7%, compared to 96.6% a year ago.
Compared to other European countries, Spain has one of the highest import percentages during this period. The EU average is up 33% from last year, almost eight points lower than in Spain, with countries such as Germany (25%) or France (30%) well below.
The reason behind the surge in imports is energy. The energy deficit rose to 25.9 billion euros from January to June.
In fact, from the Secretary of State for Trade, they claim that Spanish foreign trade still shows “great dynamism” greater than most of the surrounding countries, as imports have increased to a greater extent only through the effect of energetic products.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
