Intenational Trade Report. May GOBIERNO DE ESPAÑA MINISTERIO DE ECONOMÍA Y COMPETITIVIDAD

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1 Executive Summary Intenational Trade Report May 2015 GOBIERNO DE ESPAÑA MINISTERIO DE ECONOMÍA Y COMPETITIVIDAD

2 Report prepared by the Evaluation Department of the Secretariat of State for Trade. Ministry of the Economy and Competitiveness. DIRECCIÓN EJECUTIVA Ana de Vicente Lancho Cualquier forma de reproducción, distribución, comunicación pública o transformación de esta obra solo puede ser realizada con la autorización de sus titulares, salvo excepción prevista por la ley. La Editorial, a los efectos previstos en el art.32.1 párrafo 2 del vigente TRLPI, se opone expresamente a que cualquier fragmento de esta obra sea utilizado para la realización de resúmenes de prensa. La suscripción a esta publicación tampoco ampara la realización de estos resúmenes. Dicha actividad requiere una licencia específica. Diríjase a CEDRO (Centro Español de Derechos Reprográficos) si necesita fotocopiar o escanear algún fragmento de esta obra, o si quiere utilizarla para elaborar resúmenes de prensa ( / ). Catálogo general de publicaciones oficiales A MINISTERIO DE ECONOMÍA Y COMPETITIVIDAD SUBSECRETARÍA SECRETARÍA GENERAL TÉCNICA SUBDIRECCIÓN GENERAL DE ESTUDIOS, INFORMACIÓN Y PUBLICACIONES Paseo de la Castellana, Madrid Tel.: NIPO: enipo: D.L.: M Papel: Exterior: Estucado mate ecológico (70.102/250) Interior: Offset ecológico (70.100) Impresión y maquetación: Centro de Impresión Digital y Diseño, Secretaría de Estado de Comercio.

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5 MAY 2015 In May 2015 Spain s exports increased by 1.9% year-on-year in nominal terms to 21,025.3 million euros, whereas imports went up by 1.3% to 22,682.6 million euros. With seasonally adjusted data, exports grew by 4.4% year-on-year, and imports advanced by 3.7%. In real terms, exports fell by 0.9% year-on-year as export prices increased by 2.9%; meanwhile imports grew by 1.5% as import prices diminished by %. In nominal terms on a month-on-month basis, exports expanded by 0.5%, and imports declined by 2.1%. With seasonally adjusted data, exports fell by 2.7% month-on-month and imports increased by %. Exports (% year-on-year) Imports (% year-on-year) original trend-cycle -20 original trend-cycle Spain s trade balance registered a deficit of 1,657.3 million euros, down from a deficit of 1,756.2 million euros in May 2014 (provisional data). The export/import coverage ratio reached 92.7%, 0.5 percentage points higher than in the same month of 2014 (92.2% in May 2014 with provisional data). The non-energy trade balance reached a surplus of million euros, down from a surplus of 1,617.9 million in the same month of The energy trade deficit fell by 30.5% year-on-year, to 2,344.3 million euros (against a deficit of 3,374.1 million euros in May 2014). Trade balance (M ) and coverage ratio (%) 0-2,000-4,000-6,000-8,000 Trade Balance Coverage ratio -10, % 110% 100% 90% 80% 70% 60% Sectoral data Spain s main exporting sectors were: capital (representing 19.0% of total exports and but declining by 3.4% year-on-year); vehicles (17.7% of total, growing by 14.9% over the previous year); food, beverages and tobacco (16.8% of total, advancing by 5.3%); and chemical products (14.9% of total, increasing by 9.2%). 2

6 Vehicles Consumption Durable 17.7 Capital 1.5 Exports (% of total) Other 3.5 MAY Food, beverages and tobacco Chemical products Energy Raw Materials Semi-manuf. (non-chem.) MAY 2015 Vehicles Consumption Durable Capital 20.6 Imports (% of total) Other MAY Food, beverages and tobacco Chemical products Energy Raw Materials Semi-manuf. (non-chem.) MAY 2015 The most significant sectors of Spain s imports were: capital (which represented 20.6% of total exports, up by 20.7% year-on-year); chemical products (16.4% of total exports, expanding by 9.2% over the previous year); energy (15.0% of total exports, falling by 28.5%); and vehicles (13.2% of total exports, growing by 5.8%). Among subsectors, the largest contributions to the annual change in Spain s exports in May 2015 (up 1.9%) came from cars and motorcycles (2.2 points), medicines (0.7 points) and electrical machinery (0.6 points). The major negative contributions corresponded to oil and by-products (-1.0 points), gas (-0.6 points) and aircraft (-0.6 points). Exports (top/bottom contrib. to annual change, p.p.) cars and motorcycles medicines electrical machinery fruits, vegetables and legumes engines essential and perfume oils fishery products minerals organic garment other semi-manufactures general purpose equipment oils and fats iron and steel specific purpose equipment other capital road transport equipment aircraft gas oil and by-products Imports (top/bottom contrib. to annual change, p.p.) medicines telecommunication equipment cars and motorcycles aircraft electrical machinery precision equipment fruits, vegetables and legumes other consumption engines essential and perfume oils animals and vegetables meat products fertilizers dairy products and eggs automotive parts and accessories consumer electronics other food products organic gas oil and by-products The subsectors with the most positive contribution to the annual change in Spain s imports in May 2015 (1.3% growth) were: medicines (1.0 points), telecommunication equipment (0.9 points) and cars and motorcycles (0.9 points). The major negative contributions corresponded to oil and by-products (-5.2 points), gas (-1.0 points) and organic chemical products (- points). 3

7 Geographic data Exports to the European Union accounted for 64.9% of total exports in May 2015 (from 63.6% in May 2014), whereas exports to the euro area accounted for 5% (from 5% in May 2014). Exports to the European Union expanded by 4.1% year-on-year, whereas those to the euro area increased by 2.6%. Exports to non-eu countries accounted for 35.1% of total exports in May 2015 (down from 36.4% in May 2014), and they shrank by 1.9% year-on-year. Exports (% of total) Imports (% of total) America Asia 10.8 Oceania Other Africa MAY Euro area Asia 17.9 Africa 17.9 Oceania Other MAY Euro area Rest of Europe America Rest of EU 14.6 MAY 2015 Rest of Europe Rest of EU MAY 2015 Imports from the European Union accounted for 56.2% of total imports in May 2015 (from 53.1% in May 2014), whereas those to the euro area represented 44.6% (from 43.1% in May 2014). Imports from the European Union augmented by 7.2% year-on-year, while imports from the euro area expanded by 4.8%. Imports from non-eu countries accounted for 43.8% of total imports in May 2015 (from 46.9% in May 2014), and diminished by 5.3% year-on-year. Exports EU and extra-eu (% y-o-y trend-cycle) Imports EU and extra-eu (% y-o-y trend-cycle) Total EU-28 Extra-EU Total EU-28 Extra-EU Trade balance with the European Union registered in May 2015 a surplus of million euros (down from a surplus of 1,23 million in May 2014) and a surplus of million euros with the euro area (672.7 million surplus in May 2014). Trade deficit with the rest of the world decreased to 2,568.2 million euros (from a deficit of 2,986.4 million euros in May 2014). 4

8 The destinations with the largest contributions to the annual change in Spain s exports in May 2015 (up 1.9%) were Italy (0.8 percentage points), Belgium (0.5 points), Poland (0.5 points), and the United Kingdom (0.5 points). Those destinations with the largest negative contributions were Russia (-0.6 points), Germany (-0.5 points), Algeria (- points), and Australia (- points). Exports (top/bottom contrib. to annual change, p.p.) Italy Belgium Poland UK Turkey Saudi Arabia Mexico Greece France Japan Netherlands Singapore Brazil Argentina Taiwan Libya Australia Algeria Germany Russia Imports (top/bottom contrib. to annual change, p.p.) China UK USA Germany Italy Chile Ireland Hungary Cameroon Morocco Colombia Kazakhstan Switzerland Mexico Angola Azerbaijan Algeria Saudi Arabia Nigeria Russia Regarding imports, the countries with the largest contributions to the annual change in Spain s imports in May 2015 (up 1.3%) were China (1.4 percentage points), the United Kingdom (0.9 points), the United States (0.9 points), and Germany (0.9 points). The destinations with the largest negative contributions were Russia (-1.6 points), Nigeria (-1.1 points), Saudi Arabia (-1.0 points), and Algeria (-1.0 points). International data In comparison to other geographical areas, Spain s exports of went up by 1.9% year-on-year, whereas within the European Union, exports also increased in Germany (4.6%), but fell in France (-0.9%), and in the United Kingdom (-0.6%). Outside the European Union, Japan s exports expanded by 2.4% and those of the United States decreased by 7.2%. 5

9 JANUARY MAY 2015 Spain s exports in the period of January-May 2015 advanced by 4.3% compared to the same period of 2014, reaching 102,916.3 million euros. Imports advanced by 3.0% year-on-year, totalling 112,350.7 million euros. In real terms, exports expanded by 3.3% year-on-year, as export prices advanced by 1.0%, and imports increased by 4.2% year-on-year, as import prices declined by 1.1%. Spain s trade deficit decreased to 9,434.4 million euros compared to the same period of 2014, when it amounted to 10,405.4 million euros. The export/import coverage ratio reached 91.6%, 1.1 percentage points higher than in the same period of 2014 (90.5%, provisional data). The non-energy trade balance recorded a surplus of 2,174.3 million euros, compared to a surplus of 7,179.5 million euros in January-May 2014, whereas the energy trade deficit declined by 34.0% year-on-year to 11,608.6 million euros. Sectoral data Spain s main exporting sectors were: capital (19.5% of total exports, its exports growing by 1.0% year-on-year); vehicles (17.1% of total, growing by 18.4%); food, beverages and tobacco (16.7% of total, rising by 8.2%); and chemical products (14.7% of total, surging by 7.0%). Vehicles Durable Consumption 17.1 Capital 1.5 Exports (% of total) Other 3.4 J-M Food, beverages and tobacco Energy Raw materials Semi-manuf. (non-chem.) 14.7 JANUARY-MAY 2015 Chemical products Vehicles Durable Capital Consumption Imports (% of total) Other J-M Food, beverages and tobacco Energy Raw materials Semi-manuf. (non-chem.) JANUARY-MAY Chemical 2015 products The largest shares by sector of Spain s imports were: capital (representing 19.6% of total exports, with exports growing by 16.4% year-on-year); chemical products (16.2% of total exports, surging by 1%); energy (14.6% of total exports, shrinking by 31.5%); and vehicles (13.7% of total exports, expanding by 17.4%). Among subsectors, the main contributors to the annual change to Spain s exports (up 4.3%) were cars and motorcycles (2.5 percentage points), fruits, vegetables and legumes (0.8 points) and garment ( points). On the down side, the major negative contributions by subsectors corresponded to oil and byproducts (-0.9 points), gas (-0.7 points), and road transport equipment (-0.6 points). 6

10 Exports (top/bottom contrib. to annual change, p.p.) Imports (top/bottom contrib. to annual change, p.p.) cars and motorcycles fruits, vegetables and legumes garment medicines electrical machinery meat products aircraft automotive parts and accessories other capital plastics tanning or dyeing extracts oils and fats tobacco general purpose equipment office equipment animals and vegetables ships road transport equipment gas oil and by-products cars and motorcycles medicines automotive parts and accessories garment electrical machinery other consumption general purpose equipment telecommunication equipment road transport equipment plastics meat products animals and vegetables ceramic and associated tobacco railway transport equipment fertilizers ships dairy products and eggs gas oil and by-products The subsectors with the largest contributions to the annual change in Spain s imports in January-May 2015 (up 3.0%) were cars and motorcycles (1.4 points), medicines (0.8 points) and automotive parts and accessories (0.7 points). The major negative contributions corresponded to oil and by-products (-5.8 points), gas (-1.3 points) and dairy products and eggs ( points). Geographic data Exports to the European Union accounted for 64.9% of total exports in January-May 2015, up from 63.7% in the same period of 2014, while exports to the euro area accounted for 50.7% (5% in the same period of 2014). Exports to the European Union augmented by 6.3% year-on-year and those to the euro area increased by 5.3%. Exports to the rest of the world accounted for 35.1% of total exports (compared to 36.3% in the same period of 2014) and growing by 0.7% year-on-year. Exports (% of total) Imports (% of total) Africa Oceania Other Africa Oceania Other Asia J-M Euro area Asia J-M Euro area America America Rest of Europe 14.3 Rest of EU JANUARY-MAY 2015 Rest of Europe Rest of EU JANUARY-MAY 2015 Imports from the European Union accounted for 55.6% of total imports in January-May 2015, up from 52.9% in the same period of 2014, whereas imports from the euro area accounted for 44.6% (43.1% in the same period of 2014). Imports from the European Union increased by 8.2% year-on-year and those 7

11 coming from the euro area expanded by 6.5%. Imports from the rest of the world accounted for 44.4% of total exports (47.1% in the same period of 2014) and fell by 2.8% year-on-year. Spain s trade surplus with the European Union and with the euro area fell to 4,381.1 million euros and to 2,085.8 million euros respectively, down from surpluses of 5,130.8 million and 2,524.9 million euros in the same period of the previous year. The trade deficit with the rest of the world declined by 11.1% year-on-year to 13,815.5 million euros. In terms of contribution to the annual change of exports (up 4.3%), the main destinations for Spain s exports were Italy (which accounted for 0.9 percentage points), the United Kingdom (0.8 points), France (0.6 points), and Germany (0.6 points). Meanwhile, the destinations with the largest negative contributions were Russia (-0.5 points), Algeria ( points), Gibraltar ( points) and Ecuador ( points). Exports (top/bottom contrib. to annual change, p.p.) Italy UK France Germany Poland USA Saudi Arabia Malaysia Mexico Romania Tunisia Iraq Norway Brazil Taiwan Singapore Ecuador Gibraltar Algeria Russia Imports (top/bottom contrib. to annual change, p.p.) China Germany USA UK France Italy Ireland Poland Hungary Portugal Gibraltar Venezuela Cameroon Latvia Estonia Mexico Saudi Arabia Nigeria Algeria -1.3 Russia Regarding imports, the countries with the largest contributions to the annual change in Spain s imports in May 2015 (up 3.0%) were China (1.7 percentage points), Germany (1.2 points), the United States (1.0 points), and the United Kingdom (0.6 points). Those destinations with the largest negative contributions were Russia (-1.8 points), Algeria (-1.3 points), Nigeria (-0.9 points), and Saudi Arabia (-0.7 points). In January-May 2015, the number of Spanish exporters declined by 1.1% year-on-year to 93,418 exporters, of which 28,732 had already exported at least 50,000 euros worth of in the period, down by 1.3% year-on-year. With regard to regular exporters (those that have already exported in the current year as well as in each of the three preceding years), these amounted to 43,346 in the period, or 3.5% more than in the same period of the previous year. International data In comparison to other geographical areas, Spain s exports of advanced by 4.3% year-on-year in the period of January-May Within the European Union, exports also increased in Germany (5.7%) and France (2.9%), whereas those of the United Kingdom fell (-3.5%). Outside the European Union, Japan s exports increased by 7.5%, while those of the United States fell by 5.1%

12 12 - MONTH ACCUMULATED FLOWS* * In the last two graphs, imports are in the negative axis 300, , , , , , , ,000 M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M Imports Exports Trade Balance Coverage ratio 70 % 250, , , ,000 50, , , , , ,000 M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M Non-energy Exports Energy Exports Non-energy Trade Balance Non-energy Imports Energy Imports Energy Trade Balance 200, , ,000 50, , , , ,000 M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M EU Exports UE Imports EU Trade Balance Extra-EU Exports Extra-EU Imports Extra-EU Trade Balance 9

13 STATISTICAL ANNEX Million % m-o-m % y-o-y Million Key data EXPORTS IMPORTS BALANCE % m-o-m % y-o-y Million % m-o-m % y-o-y COVERING RATE , , , , , , , , , , , , , , , , , , * 240, , , last months* 244, , , (Jan-May) 83, , , (Jan-May) 64, , , (Jan-May) 74, , , (Jan-May) 91, , , (Jan-May) 93, , , (Jan-May) 100, , , (Jan-May)* 98, , , (Jan-May)* 102, , , (May) 16, , , (May) 13, , , (May) 16, , , (May) 18, , , (May) 19, , , (May) 20, , (May)* 20, , , , (May)* 21, , , * January 17, , , February 19, , , March 23, , Q 1 60, , , April 20, , , May 21, , , * Provisional Source: Evaluation Department (Secretariat of State for Trade), data from Spanish Customs Department (Tax Agency) % 10

14 Sector breakdown - May 2015 EXPORTS IMPORTS BALANCE Million % share % y-o-y Million % share % y-o-y Million % y-o-y Food, beverages and tobacco 3, , , Meat products Fishery products Fruits, vegetables and legumes 1, , Oils and fats Sugars, coffee and cocoa Dairy products and eggs Other food products Beverages Tobacco Energy 1, , , Oil and by-products , , Gas Coal and electricity Raw materials Animals and vegetables Minerals Semi-manuf. (non-chem.) 2, , Non-ferrous metals Iron and steel Paper Ceramic and associated Other semi-manufactures Chemical products 3, , Organic Inorganic Medicines , Plastics Fertilizers Tanning or dyeing extracts Essential and perfume oils Other chemical products Capital 4, , Equipment for industry 1, , ,153.9 Specific purpose General purpose Office and telecom. Equipment Office Telecommunication Transport equipment Railway Road Ships ,594.7 Aircraft Other capital 1, , Engines Electrical machinery Precision equipment Other Vehicles 3, , Cars and motorcycles 2, , , Parts and accessories , Durable Electrical appliances Consumer electronics Furniture Other durable Consumption 1, , Textiles 1, , Garment Footwear Toys Other consumption Other TOTAL 21, , , Source: Evaluation Department (Secretariat of State for Trade), data from Spanish Customs Department (Tax Agency) 11

15 Sector breakdown - January to May 2015 EXPORTS IMPORTS BALANCE Million % share % y-o-y Million % share % y-o-y Million % y-o-y Food, beverages and tobacco 17, , , Meat products 2, , Fishery products 1, , Fruits, vegetables and legumes 7, , , Oils and fats 1, Sugars, coffee and cocoa , Dairy products and eggs Other food products 1, , , Beverages 1, Tobacco Energy 4, , , Oil and by-products 4, , , Gas , , Coal and electricity Raw materials 2, , , Animals and vegetables 1, , Minerals 1, , , Semi-manuf. (non-chem.) 10, , , Non-ferrous metals 2, , Iron and steel 3, , Paper 1, , ,102.4 Ceramic and associated 1, , Other semi-manufactures 2, , Chemical products 15, , , Organic 1, , , Inorganic Medicines 4, , , Plastics 4, , Fertilizers Tanning or dyeing extracts Essential and perfume oils 1, , Other chemical products 1, , Capital 20, , , Equipment for industry 5, , ,078.5 Specific purpose 1, , General purpose 3, , Office and telecom. Equipment 1, , , Office , , Telecommunication , , Transport equipment 4, , , Railway Road 2, , , Ships Aircraft 1, , Other capital 9, , Engines Electrical machinery 4, , Precision equipment , , Other 3, , Vehicles 17, , , Cars and motorcycles 12, , , Parts and accessories 4, , , Durable 1, , , Electrical appliances Consumer electronics Furniture , Other durable Consumption 9, , , Textiles 5, , , Garment 4, , , Footwear 1, , Toys Other consumption 2, , , Other 3, , TOTAL 102, , , Source: Evaluation Department (Secretariat of State for Trade), data from Spanish Customs Department (Tax Agency) 12

16 Geographic breakdown - May 2015 EXPORTS IMPORTS BALANCE Million % share % y-o-y Million % share % y-o-y Million % y-o-y EUROPE 14, , , EUROPEAN UNION * 13, , EURO AREA 10, , Austria Belgium Cyprus Estonia Finland France 3, , Germany 2, , Greece Ireland Italy 1, , Latvia Lithuania Luxembourg Malta Netherlands Portugal 1, Slovakia Slovenia REST OF EU 3, , Bulgaria Croatia Czech Republic Denmark Hungary Poland ,479.9 Romania Sweden United Kingdom 1, , REST OF EUROPE 1, , Norway Russia Switzerland Turkey AMERICA 2, , NORTH AMERICA 1, , Canada USA , LATIN AMERICA 1, , Argentina Brazil Chile Mexico Venezuela REST OF AMERICA ASIA 2, , , ASIA (exc. Middle East) 1, , , China , , Hong-Kong. China India Indonesia Japan Philippines Singapore South Korea Taiwan MIDDLE EAST Saudi Arabia United Arab Emirates AFRICA 1, , Algeria Egypt Morocco Nigeria South Africa OCEANIA Australia OTHER (**) WORLD 21, , , Pro memoria: TOTAL NON EU 7, , , TOTAL NON EURO AREA 10, , , OECD 16, , ASEAN MERCOSUR OPEC , Source: Evaluation Department (Secretariat of State for Trade), data from Spanish Customs Department (Tax Agency) * Total EU is higher than the sum of its members as a result of including provisioning and fishing occurred between Member States ** Mainly provisioning outside the EU 13

17 Geographic breakdown - January to May 2015 EXPORTS IMPORTS BALANCE Million % share % y-o-y Million % share % y-o-y Million % y-o-y EUROPE 72, , , EUROPEAN UNION * 66, , , EURO AREA 52, , , Austria Belgium 2, , Cyprus Estonia Finland France 16, , , Germany 11, , , Greece Ireland , Italy 7, , Latvia Lithuania Luxembourg Malta Netherlands 3, , , Portugal 7, , , Slovakia Slovenia REST OF EU Bulgaria Croatia Czech Republic , Denmark Hungary , Poland 1, , Romania Sweden United Kingdom 7, , , REST OF EUROPE 5, , Norway Russia , Switzerland 1, , Turkey 2, , AMERICA 11, , NORTH AMERICA 5, , Canada USA 4, , , LATIN AMERICA 6, , Argentina Brazil 1, , Chile Mexico 1, , Venezuela REST OF AMERICA ASIA 9, , , ASIA (exc. Middle East) 6, , , China 1, , , Hong-Kong. China India , Indonesia Japan 1, , Philippines Singapore South Korea Taiwan MIDDLE EAST 3, , Saudi Arabia 1, , United Arab Emirates AFRICA 6, , , Algeria 1, , , Egypt Morocco 2, , Nigeria , , South Africa OCEANIA Australia OTHER (**) 1, , WORLD 102, , , Pro memoria: TOTAL NON EU 36, , , TOTAL NON EURO AREA 50, , , OECD 78, , , ASEAN 1, , , MERCOSUR 2, , OPEC 4, , , Source: Evaluation Department (Secretariat of State for Trade), data from Spanish Customs Department (Tax Agency) * Total EU is higher than the sum of its members as a result of including provisioning and fishing occurred between Member States ** Mainly provisioning outside the EU 14

18 EXPORTS IMPORTS M ay Last 12 Jan-M ay M ay Last 12 Jan-M ay 2015 months months 2015 Spain France (1) Germany Italy n.a n.a n.a n.a n.a n.a Euro Area (2) n.a n.a n.a n.a n.a n.a United Kingdom European Union (28) (3) n.a n.a n.a n.a n.a n.a USA Japan (1) Excluding military equipment (2) Includes both extra and intra EA transactions (3) Includes both extra and intra EU transactions Source: Evaluation Department (Secretariat of State for Trade), from provisional national data in selected countries n.a.: not available when this report was prepared 15

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