2023 starts with an increase in Spanish exports and a decrease in trade deficit

Imports increased 5.3% YoY to 34.8 billion euros, also a record high for the month. Compared to pre-pandemic flows, exports grew 37.3% compared to the same month in January 2019 and imports by 29.1%.

As the Secretary of State for Trade, Xiana Méndez, explains, "trade continued to grow in January, albeit at a more moderate pace, in line with the international situation. The stronger deceleration of imports allows further progress to be made in reducing the trade deficit. The containment of the energy deficit has contributed to the reduction of this imbalance".

As a result, a deficit of 4 billion euros was recorded in January 2023, compared to 6.5 billion euros in the same month of 2022, a decrease of close to 40%.

The non-energy balance showed a deficit of 1.1 billion euros (deficit of 3.1 billion euros in January 2022) and the energy deficit also decreased to 2.8 billion euros (deficit of 3.3 billion euros in January 2022). The coverage rate (import/export ratio) between exports and imports stood at 88.7%, 8.4 percentage points lower than in January 2022.

Spain's increase in exports in January was larger than that recorded in the United Kingdom (14.7%), Germany (12.2%) and France (8.5%). In the rest of the world, United States exports increased by 12.2% year-on-year, and from Japan by 3.5% year-on-year. China's exports grew 0.9% YoY in the year to February 2023.

The main positive contributions to the annual rate of change in exports for January 2023 came from chemicals, energy products, capital goods and food, drinks and tobacco.

In January 2023, exports to the EU accounted for 65.0% of the total and increased 18.8%. Those to the Euro-20 rose 16.2% and those to the rest of the EU by 38.2%. Of the main partners, the increases in sales to Italy (18.4%), Germany (15%), France (13.4%) and Portugal (12%) stand out.

Sales to third countries (35.0% of the total) grew 11.8% in this period, with increases in exports to Oceania (32.6%), Latin America (30.4%), the Middle East (21.1%), North Africa (15.7%), Asia excluding the Middle East (6.9%) and Africa (0.7%).

The regional governments with the highest growth in their exports were the Balearic Islands, Rioja and the Community of Madrid.

Non official translation