Spain’s energy deficit exceeds 16,000 million, twice as much as in 2021

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Exports rose 23% in the first four months of the year, but imports rose 39%, leaving a trade deficit of 21.8 billion in energy, five times more than last year

Spain added a trade deficit of 21,800 million euros from January to April, five times (378% more) than that in the same period of 2021, according to data released Thursday by the Ministry of Industry and Trade. This striking increase is due to the country’s energy deficit, which reached €16,155 million in the first four months of the year, more than double that of 2021.

The trade deficit (exports minus imports) is negative for Spain during this period as sales abroad increased by 23% to almost 121,000 million euros until April, a historical maximum for this period. But even with this data, they have not been able to offset the 39% increase in imports to EUR 143,000 million, also a historic record, by the increase in energy products.

For example, the coverage ratio (exports divided by imports) was 84.7% in the first four months of the year, 10.8% less than in the same period of 2021.

All thanks to energy, as imports of these products in the period amounted to 27,550 million euros, 142% more than last year. In volume, they grew by 67% as prices rose by 45%, the ministry says, three times more than what the imports of non-energy products became more expensive.

For example, energy represents 19.3% of all imports. They are followed by purchases of capital goods (18.8% of the total), chemicals (18.2%) and food, beverages and tobacco (10.8%). By sector and country, the largest oil imports stand out from the United States and to a lesser extent from Nigeria, Brazil and Libya. Second, gas, mainly from the US, followed by Nigeria, Algeria and Egypt. They are followed by drugs from the US, Switzerland, Belgium and Germany. And iron and steel from Turkey, France, Italy and Taiwan.

Source: La Verdad

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