Exports grow 3.5% until February
According to the foreign trade report, January-February 2020, carried out by the Ministry of Industry, Commerce and Tourism, Spanish merchandise exports increased by 3.5% in January and February, reaching 47,135 million euros, which is a record high of the series for the accumulated in this period.
The Autonomous Communities that have experienced the greatest growth in their exports have been Extremadura (36.3%), Balearic Islands (26.9%) and the Canary Islands (23.6%). In contrast, the Basque Country, Andalusia and the Valencian Community experienced falls of -3.4%, -1.0% and -0.1% respectively.
Imports also reached a record of 52,759 million euros, 0.2% more.
The trade deficit reached 5,624 million euros, 20.9% less than that registered during the first two months of 2019.
The growth of Spanish exports until February contrasts with what happened in the euro zone, where there was no increase and remained equal to 0%. In the EU-27 it grew slightly, reaching an increase of 0.5%.
Among the main European economies, exports from France fell (-4.2%), the United Kingdom (-4.4%) and Germany (-0.8%). The exception was Italy, where they increased by 4.7%.
In the rest of the world, US sales grew. USA (0.3%) but those of China (-17.2%) and Japan (-1.7%) decreased.
Exports to the EU-27, 60.5% of the total, increased 4.6% year-on-year in the first two months of the year. Sales to the euro area (52.7% of the total) rose 4.7% and sales to the rest of the European Union (7.8% of the total) increased by 3.8%.
The quotient between exports and imports, known as the coverage rate, stood at 89.3%. In volume, exports increased by 2.5% and imports decreased by 2.4%.
Sales to third destinations, which represent 39.5% of the total, rose 1.9% year-on-year in this period. Exports to North America grew 9.7%, Asia excluding the Middle East 7.8% and the Middle East 0.1%. On the other hand, those with Oceania as a destination fell by -13.3%, Latin America by -7.4% and Africa by -3.6%.
For all those who want to read the full report, here is the link.