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Exports register highest growth in 44 years due to Eurozone recovery
23 September 2015 @ 15:03

SPAIN'S international markets have grown faster in 2015 than they have since 1971, slashing the country's trade deficit.

Exports went up between January and July inclusive by 5.5%, the greatest hike seen for the same period in 44 years.

Sales of goods to Saudi Arabia increased by 42.8% and to Egypt by 28%.

Overall figures by the end of July stood at just over €148.6 billion, reducing Spain's negative foreign trade balance from €13.7bn to €12.87bn.

The best result to date in the last six years was seen in 2013, when the import-over-export figures dropped from €21.3bn to €6.86bn, but in terms of growth in a seven-month period, Spain has set itself a new record.

The rise of 5.5% is slightly higher than the average for the EU-28, which sits at 5.4%, and higher still than the average for the Eurozone, which is currently 4.9%.

Only Germany, showing a growth of 6.8%, has presented better results than Spain.

France and Italy registered an export increase of 5.2% and 4.7%, and the UK's exports fell by 2%.

Figures were helped by a reduction in imports into Spain of 4.5%, down to just over €161.5bn, bringing the trade defict down by 23.6% on the same period last year.

General improvement in the economy elsewhere in the European Union, including the Eurozone, has meant Spain's exports have seen higher demand.

Nearly three-quarters – 64.6% - of exports from Spain went to EU clients, up on last year's 63.6%, with sales within the EU-28 as a whole rising by 7.2% from January to July inclusive and by 6.5% over the same period within the Eurozone.

France has historically been Spain's main international client, representing 15.9% of the total and having made purchases so far this year at a value of 5.1% higher than in the same seven months of 2014.

Germany, Italy and the UK increased its trade with Spain, with sales to these three countries rising by 7.3%, 10.8% and 8% respectively.

Non-EU countries, which make up just over a third of the total, only showed growth of 2.6% in purchases from Spain.

Motor vehicles, chemical products and foodstuffs are the most-exported goods.

Saudi Arabia has invested more in aircraft and, to a lesser extent, rail transport material and clothing produced in Spain; the United Arab Emirates mainly buys petroleum derivatives, electrical appliances and telecommunications equipment; Lebanon buys meat products, and Egypt purchases aircraft, gas and electrical appliances.

 

Read more at thinkSPAIN.com



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