Monthly Foreign Trade Report, March 2022

Exports increase by 23.9% in the first quarter of 2022

News - 17.5.2022

Imports increased by 39.0% to €105,028 million, likewise a record all-time high.

For the Secretary of State for Trade, Xiana Méndez, these data show that "the dynamism of foreign trade continued in March, with exports and imports moderating their growth, but continuing to advance at a high rate despite the complexity of the current international environment".

The coverage rate - export/import ratio - stood at 85.3%. The non-energy balance showed a deficit of €4,364 million and the energy deficit reached €11,052 million.

The year-on-year growth of Spanish exports in the first quarter of 2022 (23.9%) was higher than that recorded in France (20.3%), Germany (11.1%) and the United Kingdom (10.0%). Outside Europe, sales also grew in the USA (18.4%), China (13.4%) and Japan (14.5%).

The main positive contributions to the annual rate of change in exports between January and March came from chemicals, energy products, non-chemical semi-manufactures and food, drinks and tobacco.

Exports to the European Union (63.4% of the total) grew by 28.4% in the first three months of the year. Sales to the eurozone (55.9% of the total) increased by 28.8% and sales to the rest of the European Union (7.6% of the total) grew by 25.2%.

Sales to third destinations (36.6% of the total) increased by 16.9% in this period, with exports to Latin America (22%), North America (19.5%), the Middle East (19.2%) and Africa (16.5%) increasing.

The regional governments with the highest growth in exports were the Canary Islands, the Community of Madrid and the Andalucia

Data for March

In the month of March, according to Customs-declared trade data, Spanish merchandise exports increased by 17.1% more than the same month in 2021, to €33,090 million, a record high for any month. Imports increased by 31.6% year-on-year to €37,732 million, also a record high for any month.

"In March, there are common factors that have caused a simultaneous slowdown in exports and imports and that are consistent with a less favourable global environment, characterised by greater uncertainty and high inflation," explains Xiana Méndez.

Thus, the coverage rate stood at 87.7%. The non-energy balance showed a deficit of €574 million and the energy deficit amounted to 4,€068 million.

Spain's increase in exports in March (17.1% year-on-year) was larger than that recorded in Germany (8.1%) and France (15.8%). In the United Kingdom, exports fell by 2.8% year-on-year. In the rest of the world, exports from the United States increased by 18.3% year-on-year, from China by 12.9% year-on-year and from Japan by 14.7% year-on-year.

The main positive contributions to the annual rate of change in exports came from chemicals, energy products, non-chemical semi-manufactures and other goods

In March 2022, exports to the EU accounted for 64.2% of the total (61.0% in March 2021) and rose by 23.3%. Those to the eurozone increased 23.5% and those to the rest of the EU by 21.9%. Of the main partners, the increases in sales to Portugal (38.7%), Italy (13.9%), France (13.7%) and Germany (6.9%) stand out. Last, exports to third countries (non-EU) accounted for 35.8% of the total and were up 7.4% year-on-year, with sales to the UK increasing by 7.1%.

Non official translation