Photo: ICEX
The Diplomat. 24/08/2018
Spanish merchandise exports increased by only 2.9% in the first half of the year, which represents a slowdown compared to the 10% registered in the same period of the previous year.
According to data published yesterday by the Secretary of State for Trade, Spanish merchandise exports increased by 2.9% in the period between January and June compared to the same period of the previous year and reached 144,916 million euros.
Besides, imports grew 5.0% year-on-year, to 159,502 million euros. As a result, the trade deficit in the first half of the year stood at 14,585 million euros, 31.5% more than in the same period of 2017.
Likewise, Spanish exports grew below their competitors in the euro zone. Sales of Germany abroad increased by 4.0%, those of Italy by 3.7% and those of France by 3.1%. They also grew less than those of other world powers, such as China (+ 11.9%), the United States (+ 9.6%), Japan (+ 6.2%) and the United Kingdom (+ 4.5%).
[hr style=»single»]
The Exporters Club fears that sales abroad will no longer be the engine of the Spanish economy
[hr style=»single»]
By geographical areas, in the first semester, Spanish exports to Mercosur increased, up to 9.1%. On the other hand, sales to the European Union (66.5% of the total) rose by 2.8% year-on-year, 3.0% to the euro area (representing 52.2% of the total) and 1.9%. % to the rest of the EU.
In this regard, the president of the Club of Exporters and Investors, Antonio Bonet, warned yesterday that these data could indicate that exports «no longer constitute one of the main engines of the Spanish economy» and could have begun to touch roof after the long period of growth that began in 2010.
«In addition to confirming the slowdown in the growth of Spanish exports, this comparison shows that this is not due solely to international trade tensions», continued Bonet, who called for the adoption of «structural State policies» to help boost competitiveness of companies so that «exports continue to be an engine of growth and job creation».
