The Diplomat
The Spanish Exporters and Investors Club is concerned about the extraordinary increase in the trade deficit recorded in 2022 and the loss of international competitiveness.
In a statement issued on Thursday, the Club points out that the trade deficit reached 68,112.2 million euros last year, which is equivalent to 402.76% more than in 2021 as a whole and has brought the coverage rate to 85.1.3%, 7.3 points lower than that recorded a year earlier (94.5%).
“Faced with this situation, marked by high interest rates, market volatility and inflationary pressures, it is urgent to adopt measures that provide certainty to the Spanish foreign sector and avoid further financing problems and loss of competitiveness for the Spanish economy,” the statement said.
For the Exporters’ Club, the increase in the trade deficit in 2022 is not only due to the energy balance, but also to non-energy imports, which are increasing in volume. According to data published on Thursday by the State Secretariat for Trade, the non-energy trade deficit for January-December 2022 is 15,495 million euros, compared to a deficit of €852.2 million in the same period of 2021.
According to figures released yesterday, exports of goods, in the cumulative January-December 2022, grew by 22.9%, reaching 389,208.9 million euros, which marks an all-time record. For their part, imports amounted to 457,321 million euros, 33.4% more than in 2021, leading to worrying indicators of a trade deficit in 2022, the highest since the 2008 crisis. Imports have increased in volume by 7.4%, while sales abroad increased by only 3.9%.
In view of these figures, the Exporters’ Club welcomes the fact that Spanish exports have grown uninterruptedly since 2009, surpassing the volume of the previous year. However, in the current climate of uncertainty, it considers it necessary to promote business support policies that provide certainty to Spanish companies and encourage investment.
It also considers it a priority to adopt measures to mitigate the impact of inflation on Spain’s foreign competitiveness and to halt the slow loss of the Spanish foreign sector’s share of the world market. “The recent increase in the minimum wage will contribute negatively to the international competitiveness of our companies”, states the communiqué.
For the Exporters’ Club, these measures should be accompanied by an in-depth reform of public finances to reduce the volume of debt and deficit and, especially, the fiscal burden, both in terms of taxes and social security contributions that Spanish companies have to bear.
