The Spanish foreign sector continues to show its resilience in a complex international context. Spanish exports of goods amounted to almost 33 billion euros, growing by 3.2% year-on-year in seasonally-adjusted and calendar-adjusted terms.
The Spanish foreign sector continued to show signs of resilience in June in the complex international context, as reflected in the trade data declared by Customs and included in the Monthly Foreign Trade Report of the Ministry of Economy, Trade and Enterprise, prepared by the Secretary of State for Trade.
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The Spanish economy records a non-energy trade surplus of 958 million euros in June, the highest in the last 16 months
Exports for June exceeded 32,968 million, the second highest value in the historical series for June, which represents a -3% compared to the same month of the previous year. However, in seasonally adjusted terms and with the calendar correction, they grew by 3.2% year-on-year. The calendar effect has had a negative impact this year: June 2024 has had two working days less than June 2023.
Imports reached 33,681.7 million euros, which represents a 7.3% year-on-year.
In terms of international comparisons, Spanish merchandise exports in June showed greater strength than those of the euro area and the European Union-27, which recorded gross falls of -7.4% and -7.3%, respectively. Among the major EU economies, exports also declined in Germany (-8.3%), France (-6.9%) and Italy (-6.1%). Outside the European Union, exports from the United Kingdom decreased by -10.3% year-on-year, while those from the United States increased by 4.3% year-on-year, from China by 10.7% year-on-year and from Japan by 5.4% year-on-year.
This strength of the Spanish foreign sector is also reflected in the reduction of the trade deficit to 712.9 million euros in June, which represents a fall of -70% compared to the same month of the previous year (2,355.2 million in June 2023).
It is very relevant that for the second consecutive month, a non-energy surplus of 958.9 million euros has been recorded, the highest in the last 16 months, and the energy deficit has been reduced by -21.4% year-on-year to 1,671.8 million. Moreover, energy exports grew by 27.7% year-on-year in June, the third consecutive month with growth of more than 20%, thanks above all to the good performance of exports of oil and oil derivatives.
Likewise, the coverage rate (ratio of exports to imports as a percentage) improved by 4.4 percentage points to 97.9%.
By sector, the surpluses in food, beverages and tobacco (1,605.9 million euros), the automobile sector (770.2 million) and non-chemical semi-manufactures (647.1 million) stood out.
The trade surplus with the European Union increased to 4,037.8 million euros (compared to a surplus of 1,874.9 million euros in June 2023). With the euro area, the surplus increased to 3,917.4 million euros (compared to a surplus of 2,286.1 million euros in the same month of the previous year). The trade deficit with non-EU destinations widened to 4,750.7 million euros (deficit of 4,230.2 million euros in June 2023). The destination markets where the largest surpluses were reached were France, Portugal and the United Kingdom.