Spanish Exports Reached an Historical High in 2013
The year 2013 represented an historical high for Spanish exports, according to data by the Spanish Ministry of Economy and Competitiveness. Between January and December, sales abroad increased by 5.2 % annually, totaling 234,239.8 million Euros. This result represents an increase of 1.4 points compared to the previous year.
In real terms this increase has been higher, specifically 5.4 %, due to a 0.2 % decrease of export prices according to Unit Value Indices (UVIs).
With regard to imports, and according to the results from 2012, they continued a downward trend, experiencing a 1.3 % decrease, although, in real terms, growth reached 3.1 %. The value of foreign trade reached 250,195.2 million Euros during 2013.
According to information published by the Ministry, "the lower decrease in imports in 2013 compared to the previous year (-2.8 %) could point to a progressive recuperation of internal demand".
With this data, trade deficit stood at 15,955.4 million Euros, with a decrease of 48.1 % compared to 2012. Furthermore, the coverage rate reached 93.6 %, an historical high since 1971, and 5.7 points higher than the previous year.
The analysis of the month of December showed an annual growth of 2.9 % of national merchandise exports, up to 18,313.0 million Euros. On the other hand, imports increased by 5.6 %, totaling 20,143.0 million Euros, mainly due to the purchase of capital goods (+19.7 %).
In light of this data, the trade balance showed a deficit of 1,830 million Euros in December 2013, 41.4 % higher than the same month of the previous year. Finally, the coverage rate was 90.9 %, 2.3 points lower than that of December 2012.
Destinations and Sectors
In 2013 the 4.7 % increase of sales in this region was especially noteworthy. In a statement, the Ministry of Economy points out that this confirms "the incipient recuperation (in 2012 there was a regression of 1.3 %)".This new path has also been witnessed in the Eurozone, with a 4.1 % increase of Spanish exports, compared to -2.7 % the previous year.
At the same time, it is worth noting the increase in sales targeted towards new markets and destinations outside of the European Union (+6.1 % annually, representing 37.4 % in total). Here it is worth mentioning the upturn of exports to Asia (10.3 %) and Africa (+8.4 %).
With regard to sectors, the medium-high technology industries have had a fundamental role in the development of exports. Likewise, capital goods have become the main exports item, making up 20.7 % of the total (+10.9 % annually).
Josh Gambin holds a 5-year degree in Biology from the University of Valencia (Spain) and a 4-year degree in Translation and Interpreting from the University of Granada (Spain). He has worked as a freelance translator, in-house translator, desktop publisher and project manager. From 2002, he is a founding member of AbroadLlink and currently works as Marketing and Sales Manager.