The Secretary of State for Commerce, Xiana Méndez, pointed out that “in November 2021, both exports and imports continued to grow very strongly, reaching new records. Foreign trade is once again becoming an engine of economic growth and a generator of jobs, thanks to our exporting companies which are very competitive and well positioned on international markets.
Imports increased by 36.3% year-on-year to EUR 34,516 million. As a result, a deficit of €4,207 million was recorded in November 2021 (deficit of €593 million in November 2020 with provisional data). The coverage rate stood at 87.8%, 9.8 percentage points lower than in August 2020.
If the rate of change is calculated compared to November 2019 (provisional data), exports increased by 20.9% and imports by 28.2% (17.3% and 23.2% respectively with the seasonally adjusted and calendars).
Spain’s increase in exports in November (22.6%) was higher than that recorded by the euro area (18.0%) and the EU27 (17.4%). Among the major European economies, exports also increased in Italy (16.8%), Germany (12.1% year-on-year), France (12.8%) and the United Kingdom (5.6% ). In the rest of the world, exports from the United States increased by 23.5% year-on-year, China by 16.6% year-on-year and Japan by 20.5% year-on-year.
The main positive contributions to the annual rate of change in exports come from the energy products sector (contribution of 6.2 points), chemical products (contribution of 6.0 points), non-chemical semi-finished products (contribution of 3.8 points) and Food, Beverages and Tobacco (contribution of 3.2 points).
Spanish merchandise exports increased by 21.2% in the January-June period compared to the same period of the previous year (provisional data), reaching 288,991 million euros. Imports also increased by 23.6% to 309,827 million euros.
As a result, the trade deficit for the first six months of the year reached 20,836 million euros, which is 68.7% more than in the same period of 2020. The coverage rate – the ratio of exports to imports – stood at 93.3% (95.1% in January-August 2020, provisional data).
The annual growth of Spanish exports between January and October (21.2%) was higher than that recorded in the EU27 and the euro zone (16.7% year-on-year in both cases). It was also higher than in Italy (18.4%), France (14.9%), Germany (13.8%) and the United Kingdom (8.3%).
The main positive contributions to the annual rate of change in exports from January to November 2021 come from the chemical sector (contribution of 4.7 points), non-chemical semi-finished products (contribution of 3.5 points), energy products ( contribution of 3.1 points) and capital goods (contribution of 2.9 points). No sector contributed negatively.