The foreign trade record oxygenates economic activity

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    The foreign trade record fuels economic activity

    The export is the undisputed engine of theeconomic activity in Spain, along with domestic consumption. According to the latest data on trade declared by Customs, Spanish exportsof goods rose 24.4% in the accumulated from January to May 2022 compared to the same period of the previous year. Sales of Spanish goods abroad reached 155,970 million euros, which represents a new historical maximum and far exceeds the volume obtained in the same period of 2019, before the pandemic. For its part Imports increased by 40.7% year-on-year to 182,539 million euros, also an all-time high. between January and May by 26,569.7 million euros, higher than the 4,419.6 million registered in the same period of 2021 (+501%). The relative devaluation of the euro against the dollar is This is partly behind this increase in the trade deficit and the increase in exports.

    For the Secretary of State for Commerce,Xiana Méndez, “trade in goods continues to show great dynamism in the first five months of 2022. Exports and imports continue to grow at a good pace despite the complex international context,” according to a statement from the ministry. An increase in the trade deficit is recorded as a result of an unfavorable international environment and the increase in energy costs, although Méndez considers that if price increases are discounted, the evolution in volume of exports and imports is “very favourable”.

    The interannual growth of Spanish exports between January and May (24.4%) was higher than that registered in the EU-27 (21.4%) and the Eurozone (22.0%). It is also higher than that registered by Italy (22.6%), France (20.9%), the United Kingdom (15.1%) and Germany (12.4%). Outside Europe, sales from the US (19.5%), China (11.4%) and Japan (14.3%) also grew.

    The main contributions The positive changes to the annual variation rate of exports from January to May 2022 came from the chemical products, energy products, non-chemical semi-manufactured products and food, beverages and tobacco sectors. 

    Exports to the European Union (62.8% of the total) increased by 27.1% in the first five months of the year. Sales to the euro zone (55.2% of the total) rose by 26.7% and those to the rest of the European Union (7.6% of the total) increased by 29.9%.

    Sales to third destinations (37.2% of the total) increased by 20.2% in this period, with increases in exports to Latin America (33.6%), North America (31.6 %), the Middle East (22.5%), Africa (21.6%) and Asia excluding the Middle East (0.1%). The autonomous communities with the highest growth in their exports were the Canary Islands. (89.1%), Illes Balears (51.8%) and the Community of Madrid (49%). 

    In May 2022, Spanish exports of goods increased by 28.8% year-on-year to reach 35,045 million euros, an all-time high for any month. For their part, imports also reached an all-time high and increased by 47.1% year-on-year to 39,803.8 million euros. As a result, it was recorded a commercial deficit of 4,759 million euros, less than in the previous month. The coverage rate stood at it was 88%.

    The main positive contributions to the annual variation rate of exports came from the chemical products, energy products, non-chemical semi-manufactured products and food sectors. , beverages and tobacco. In May 2022, exports to the European Union represented 61.5% of the total (61.3% in May 2021) and increased by 29.3% year-on-year. Those directed to the euro zone grew by 27.8% and those destined to the rest of the EU rose by 40.7%. Of the main partners, the increases in sales to Portugal (32.4%), France (27.8%), Germany (24.3%) and Italy (19.6%) stand out. Finally, exports to third countries (non-EU) accounted for 38.5% of the total and increased by 28.0% year-on-year.

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