According to Customs declared trade data, Spanish merchandise exports grew by 23.6% in the period January-November 2022 compared to the same period the previous year, reaching 357,111 million euros, a record figure. For their part, imports rose by 35.8% to 420,714 million euros, also a record high.
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Spanish exports
As the Secretary of State for Trade, Xiana Méndez, points out, “November saw an upturn in exports, which grew more than imports in a context of a global slowdown in trade. The result is a notable containment of the deficit in November, which is halved compared to October and represents the lowest monthly value since September 2021”.
In volume terms, exports increased by 4.2%, as prices, proxied by Unit Value Indices, rose by 18.6%. Imports increased by 8.4%, as prices grew by 25.2%.
The year-on-year growth of Spanish exports between January and November (23.6%) was higher than that recorded in the EU-27 (21.8%) and the euro area (22.0%). It was also higher than that recorded in Germany (14.7%), France (20.3%), Italy (20.5%) and the United Kingdom (27.1%). Outside Europe, sales also grew in the USA (18.8%), China (11.9%) and Japan (18.9%).
The main positive contributions to the annual rate of change of exports from January to November 2022 came from the chemicals, energy products, capital goods and non-chemical semi-manufacturing sectors. It should be noted that no sector made a negative contribution.
Exports to the European Union (62.8% of the total) increased by 25.4% in the first eleven months of the year. Sales to the Euro zone (55.2% of the total) rose by 25.0% and those to the rest of the European Union (7.6% of the total) rose by 28.4%.
Sales to third destinations (37.2% of the total) rose by 20.6% in this period, with increases in exports to North America (28.2%), Latin America (26.6%), the Middle East (26%), Africa (15.9%), Asia excluding the Middle East (7.5%) and Oceania (1.1%).
The autonomous communities with the highest growth in exports were the Canary Islands, the Community of Madrid and the Balearic Islands.