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ARCHIVED - Coronavirus causes 6th consecutive fall in Spanish exports
Exports dropped 9 per cent in August while imports fell even more sharply
The latest data published by Spain’s Ministry of Industry, Trade and Tourism reveal that the economic slump brought about by the coronavirus pandemic continued in respect of exports during the month of August, when a 9.1 per cent year-on-year drop represented the sixth consecutive fall since the first lockdown was imposed in March.
Export sales reached a total of 17,664 million euros during August and while imports fell even more sharply – by 17.2 per cent to 19,400 million euros – the balance of trading was still a deficit of 1,736 million euros. This figure is over 50 per cent lower than in August 2019 and at the same time the export total climbed to 91.1 per cent of imports.
While the drop in both figures remains illustrative of the general slowdown of economic activity, the cumulative trade deficit after 8 months of 2020 now stands at 9,615.5 million euros, 54.6 per cent lower than at the same point last year.
Within the generally unencouraging totals, however, there was positive news for certain industrial sectors. Food exports rose by 4.9 per cent and accounted for as much as 20.4 per cent of the total, due largely to increasing sales to China, while the automobile sector reported export growth of 14.1 per cent on the back of improved sales figures to France and Germany and the sale of parts to Morocco.
The figures also show that during August 58.8 per cent of Spain’s exports were accounted for by sales to other EU states, despite a year-on-year drop of 5.1 per cent, with sales outside the EU falling far more significantly by 14.2 per cent.
The general downturn in sales to foreign buyers was most keenly felt in the regions of the Balearics (-35.6 per cent), the Canaries (-35.2 per cent) and Andalucía (-27 per cent), while on the other hand slight increases were recorded in Aragón (4.4 per cent) and the Comunidad Valenciana (1.7 per cent).