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The trade deficit is reduced almost by half until November, despite the fall in exports

Foreign sales decreased by 0.

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The trade deficit is reduced almost by half until November, despite the fall in exports

Foreign sales decreased by 0.7%, but imports decreased even more, by 6.8% year-on-year

MADRID, 18 Ene. (EUROPA PRESS) -

The trade deficit stood at 37,158.3 million euros in the first eleven months of the year, which represents a reduction of 41.6% compared to the same period of the previous year, according to data from the Ministry of Economy, Commerce and Support to the Company published this Thursday.

The reduction in the deficit until November is due to the fact that Spanish exports of goods decreased slightly, by 0.7%, to 354,740.7 million euros, while imports stood at 391,899 million euros, with a decrease of 6.8% year-on-year.

The non-energy balance showed a deficit of 6,412 million euros until November, compared to the negative balance of 15,392.3 million euros in the same period of the previous year, while the energy deficit was reduced to 30,746.2 million euros - -compared to the 48,210.6 million in the same period of 2022--.

All in all, the coverage rate stood at 90.5%, that is, 5.6 percentage points more than that registered in January-November 2022, when it reached 84.9%.

If compared internationally, the results so far this year for Spain show a smaller decrease in exports than that registered in the United Kingdom (-0.9%), Germany (-1.3%) or the United States (-2 .4%), however, they grew in France (2.8), Italy (0.7), China (0.3) and Japan (2.1).

The positive contributions to the annual variation rate of exports from January to November 2023 came from the automobile sector (contribution of 2.7 points), capital goods (2.1 points) and food, beverages and tobacco (0.8 points).

On the other hand, the main negative contributions came from the sectors of energy products (contribution of -2.2 points), chemical products (-1.7 points), non-chemical semi-manufactures (-1.2 points) and raw materials (- 0.4 points).

Regarding imports, the positive contributions in the January-November period came from the automobile sector (contribution of 1.6 points), capital goods (1.2 points) and food, beverages and tobacco (0.4 points). points).

On the contrary, the largest negative contributions came from the energy products sector (contribution of -6.0 points), chemical products (-1.8 points), non-chemical semi-manufactures (-1 point) and consumer manufacturing (-0.6 points).

Exports to the EU in January-November 2023 (62.7% of the total) fell 0.7% compared to the same period of the previous year. In the case of sales to the euro zone (54.6% of the total), they decreased by 1.9%, while those destined for the rest of the European Union (8.1% of the total) grew by 8.4 %.

By country, the year-on-year increase in exports to Germany (8.2%), Italy (5.8%) and France (0.8%) stands out. The opposite happens with Belgium and the Netherlands, which show a drop of 34.4% and 19.5%, respectively. In the rest of Europe, sales to Turkey increased by 33.6% and sales to the United Kingdom increased by 6.2%.

For their part, exports to third destinations decreased by 0.6% year-on-year in this period, and represent 37.3% of the total, highlighting the decrease in exports to the Middle East (-9.9%), Asia excluding the East Middle (-7.2%), Africa (-5.8%) and North America (-1.7%), compared to the growth of Latin America (11.2%) and Oceania (8.7%) .

By country, outside Europe, the increases in Panama (468.8%), Indonesia (15.1%), Mexico (9.9%), Australia (9%), Morocco (3.8%) and Vietnam (2%), and negatively Algeria (-72.5%), South Korea (-20.2%), Japan (-14.1%), Canada (-11.4%), Singapore (-9 .9%), United Arab Emirates (-9.4%), Peru (-9.3%) and China (-7.1%) and the United States (-1%).

By autonomous community, the community that experienced the highest interannual variation rate in its exports in the period was Castilla y León (15.2%), followed by La Rioja (9.3%) and Catalonia (8.4%).

On the other hand, the largest year-on-year decreases were recorded in the Canary Islands (-31.2%), the Community of Madrid (-11.9%) and Andalusia (-10.1%).