Luis Alcaide | There were already warning signs, but the fear has been confirmed in the latest data on Spain’s export trade available for the month of May. In May, the value of exports recorded an increase of 2.3%, which fails to offset the decline of the first months of the year. Thus, in the last twelve months, the value of Spanish exports has fallen by 4.8% over the previous twelve months.
IMF estimates had already anticipated a slowdown in Spanish sales abroad due to the stagnation of the economy of the Eurozone partners. The advance in sales to Spain’s main partner has been halted, although in the rest of the geographical areas things have gone somewhat better with sales in the Asian market increasing by 19.1%, excluding the Middle East, as well as an increase of 16.3% in Spanish exports to North America.
In year-on-year terms, Spanish imports registered a zero growth rate of 0.0% in May. The trade deficit narrowed and the coverage rate rose to 93.7%. In May, the energy balance was in deficit but the non-energy balance was positive, which has not been the case for a very long time.
Capital goods and machinery remain the leading item in Spanish foreign sales, 19.2% of the total, but with a negative evolution, -5%, compared to May 2023. Foodstuffs occupy second place, 19% of total exports in May, with a year-on-year increase of 9.1%.
