The deficit fell to 16,307 million euros, the second lowest since 1997

Spanish merchandise exports increased by 1.6% between January and November 2016 compared to the same months of 2015, to 233,798 million euros, the series’ historical high for this period. Imports fell by 0.9% to € 250.106 billion. Thus, the trade deficit stood at 16,307 million euros, 27.1% less than in January-November 2015, and the second best balance for the accumulated 11 months since 1997, only surpassed in 2013. Exports Spain evolved better than in the euro area and the European Union.

The coverage rate – exports on imports – stood at 93.5% (93.3% in January-November 2015); The second best record after 2013 in the entire historical series, which began in 1962.

In volume, exports increased by 3.6%, as prices fell by 1.9%; And imports grew by 2.8%, as prices, approximated by the Unit Price Indexes, fell by 3.6%.
The non-energy balance showed a deficit of 1,605 million euros (surplus of 2,121 million euros in January-November 2015) and the energy deficit decreased by 40%.
The positive evolution of Spanish exports between January and November contrasts with the environment: in the euro area rose slightly (0.2%) and in the European Union fell by 0.6%. They grew in Germany (0.8%) and Italy (0.7%), but with less intensity than in Spain, and fell in France (-1.8%) and the United Kingdom (-1.5%), in addition to In U.S.A. (-4%), China (-6.4%) and Japan (-8.5%).

Economic sectors

The main economic sectors recorded growth in their exports. Capital goods (representing 20.2% of the total) amounted to 2.9%; The car sector (18% of the total) increased by 7.1% and food, beverages and tobacco (16.7% of the total) increased by 6.1%.
In imports, the consolidation of the recovery accounts for the growth of most sectors. Capital goods (21.7% of the total) increased by 7.1%; Those of the automotive sector (13.8% of the total), 4.1%; Consumer goods, 6.8%; Food, beverages and tobacco, 4.1%; And consumer durables 8.6%.

Geographical areas
Exports to the EU (66.5% of the total) increased by 4% in the first eleven months of the year. Sales to the euro zone (51.9% of the total) rose by 4.2% and those to the rest of the EU (14.6% of the total), up 3.3%.

The unfavorable economic situation in emerging countries explains that sales to third-party destinations (33.5% of the total) fell by 2.8%. There were declines in exports to North America (-1.1%), Latin America (-9.9%), the Middle East (-4.5%), Africa (-0.4%) and Oceania -19 %). Exports to Asia, excluding the Middle East (3.5%) increased. Despite the general trend, sales to markets with great potential grew, such as Canada (8.4%), China (12.8%), Hong Kong (9.2%) and Morocco (13.7%).
The autonomous communities with the best evolution of their exports were Castile and Leon (9.1%), Castilla-La Mancha (7.3%) and Galicia (6.1%). The largest decreases occurred in the Canaries (-16%), the Principality of Asturias (-10.8%) and the Region of Murcia (-3.5%).

Data for the month of November

In November, merchandise exports rose by 8.5% over the same month of 2015, to 23,506 million euros. In volume they grew by 9.3%. Imports grew 5.3%, to 24,753 million euros, and in volume they made up 7%. As a result, the deficit for November 2016 stood at 1,246 million euros; 32.6% less than the same month of 2015. The coverage rate stood at 95%, 2.9 percentage points more than in November 2015. Also in November, the evolution of the Spanish export sector was better than that of The euro area (5.7%) and the EU (4.9%).

The non-energy balance showed a surplus of 192 million euros (deficit of 41 million euros in November 2015) and the energy deficit decreased by 20.4%.

Economic sectors
In November, the main contributions to export growth came from capital goods (3.2 points), energy products (2 points), food, beverages and tobacco (1.3 points), consumer goods (1 Point), automobile (0.8 points) and chemicals (0.8 points). The only sector with a negative contribution was other goods (-1.3 points).

Geographical areas
In November 2016, exports to the EU accounted for 67.7% of the total (66.3% in November 2015) and increased by 11% year-on-year. Those destined for the euro zone grew 13.9% and those directed to the rest of the EU, 0.8%. Of the main partners, sales rose to France (16.9%), Germany (15.4%) and Italy (13.8%), while sales to the United Kingdom fell (-0.9%)

Sales to non-EU countries accounted for 32.3% of the total (33.7% in November 2015) and increased 3.8% over the same month of the previous year. By region, they grew in North America (8.4%), Latin America (4.7%), Asia excluding the Middle East (0.5%), the Middle East (7.1%) and Africa (6.1% ). The only exception was Oceania (-8.2%), despite the increase in sales to Australia (5.5%). By country, sales to Canada (19.9%), the United States (7.1%), Mexico (21.6%), China (12.3%), Hong Kong ) And India (15.7%) and declines in Brazil (-12.8%), Argentina (-10.4%), Chile (-10%), Japan (-16.3%) and South Korea (-33.5%).

Spain’s trade surplus with the EU stood at 1,711 million euros in November 2016 (554 million euros in November 2015). With the euro area, the trade balance recorded a surplus of 1,199 million euros (129 million euros in the same month of the previous year). For its part, the trade deficit with non-EU countries increased by 23% compared to November 2015, to 2,957 million euros.

Source: ICEX