Executive Summary Intenational Trade Report. March 2017 MINISTRY OF ECONOMY, INDUSTRY AND COMPETITIVENESS GOVERNMENT OF SPAIN

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1 Executive Summary Intenational Trade Report March 2017 GOVERNMENT OF SPAIN MINISTRY OF ECONOMY, INDUSTRY AND COMPETITIVENESS

2 Report prepared by the Evaluation Department of the Secretariat of State fortrade. Ministry of the Economy and Competitiveness. DIRECCIÓN EJECUTIVA Juan José Otamendi García-Jalón 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, INDUSTRIA 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.

3 Publication date: 23 May 2017

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5 MARCH 2017 In March 2017, Spain s exports went up by 16.9 year-on-year in nominal terms to 26,225.8 million euros, whereas imports grew by 19.1 to 27,684.4 million euros. With seasonally adjusted data, exports advanced by 9.8 year-on-year and imports by In real terms, exports augmented by 15.2 yearon-year, as export prices went up by 1.5, and imports increased by 6.9, as import prices rose by In nominal terms on a month-on-month basis, exports augmented by 18.8 and imports by With seasonally adjusted data, exports augmented by 1.6 month-on-month, while imports declined by. Exports ( year-on-year) Imports ( year-on-year) original -20 original trend-cycle trend-cycle Spain s trade balance registered a deficit of 1,458.6 million euros, up from a deficit of million euros in March 2016 (provisional data). The export/import coverage ratio reached 94.7, 1.9 percentage points lower than in the same month of 2016 (96.6 in March 2016 with provisional data). The non-energy trade balance reached a surplus of million euros, in line with the surplus of million in the same month of The energy trade deficit increased by 51.7 year-on-year to 1,987.6 million euros (compared to a deficit of 1,31 million euros in March 2016). Trade balance (M ) and coverage ratio () 0-2,000-4,000-6,000-8,000 Trade Balance Coverage ratio -10, Sectoral data Spain s main exporting sectors in March 2017 were capital (representing 20.2 of total exports and advancing by 15.4 year-on-year), vehicles (17.8 of total, increasing by 9.9), food, beverages and tobacco (16.7 of total, rising by 15.6) and chemical products (14.0 of total, going up by 15.3). 2

6 Vehicles Consumption Durable Capital 1.6 Exports ( of total) Other MARCH Food, beverages and tobacco Chemical products Energy Raw Materials Semi-manuf. (non-chem.) MARCH 2017 Vehicles Durable 14.0 Capital Consumption 2.5 Imports ( of total) Other 0.4 MARCH Food, beverages and tobacco Chemical products Energy Raw Materials Semi-manuf. (non-chem.) MARCH 2017 The most significant sectors of Spain s imports were capital (representing 21.6 of total imports and growing by 17.4 year-on-year), chemical products (15.8 of total, rising by 18.9), vehicles (14.0 of total, increasing by 13.9) and energy (12.5 of total, rising by 52.1). Among subsectors, the largest contributions to the annual change in Spain s exports in March 2017 (up by 16.9) came from oil and by-products (2.3 points), cars and motorcycles (1.4 points) and medicines (0.9 points). The major negative contributions corresponded to aircraft (-0.3 points) and inorganic chemical products (-0.2 points). Exports (top/bottom contrib. to annual change, p.p.) oil and by-products cars and motorcycles medicines oils and fats general purpose equipment iron and steel road transport equipment minerals non-ferrous metals fruits, vegetables and legumes ships precision equipment coal and electricity telecommunication equipment consumer electronics other durable gas tobacco inorganic aircraft Imports (top/bottom contrib. to annual change, p.p.) oil and by-products minerals medicines automotive parts and accessories iron and steel cars and motorcycles ships organic general purpose equipment non-ferrous metals dairy products and eggs fertilizers railway transport equipment footwear other consumption other durable beverages inorganic toys other food products The subsectors with the most positive contribution to the annual change in Spain s imports in March 2017 (up by 19.1) were oil and by-products (4.2 points), minerals (1.2 points) and medicines (1.1 points). The major negative contributions corresponded to other food products (- points) and toys (-0.2 points). 3

7 Geographic data Exports to the European Union accounted for 65.9 of total exports in March 2017 (down from 67.2 in March 2016) and increased by 14.5 year-on-year. Exports to the euro area accounted for 51.1 (down from 51.7 in March 2016) and advanced by Exports to non-eu countries accounted for 34.1 of total exports (up from 32.8 in March 2016) as they grew by 21.6 year-on-year. Exports ( of total) Imports ( of total) America Asia 10.9 Oceania Other Africa MARCH Euro area Asia 18.7 Africa Oceania Other MARCH Euro area Rest of Europe America Rest of EU 14.7 MARCH 2017 Rest of Europe Rest of EU MARCH 2017 Imports from the European Union accounted for 55.6 of total imports in March 2017 (down from 57.9 in March 2016) and advanced by 14.4 year-on-year. Imports from the euro area represented 44.7 (down from 46.4 in March 2016) and advanced by Imports from non-eu countries accounted for 44.4 of total imports in March 2017 (up from 42.1 in March 2016) as they advanced by 25.6 yearon-year. 40 Exports EU and extra-eu ( y-o-y trend-cycle) 40 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 showed in March 2017 a surplus of 1,881.1 million euros (up from a surplus of 1,627.8 million in March 2016) and a surplus of 1,028.5 million euros with the euro area (821.7 million surplus in March 2016). Trade deficit with the rest of the world increased to 3,339.6 million euros (from a deficit of 2,423.7 million euros in March 2016). 4

8 The destinations with the largest contributions to the annual change in Spain s exports in March 2017 (up by 16.9) were Italy (1.9 percentage points), France (1.8 points), Germany (1.6 points) and the United States (1.6 points). Those destinations with the largest negative contributions were Oman (-0.4 points), Norway (-0.3 points), South Korea ( points) and Turkey ( points). Exports (top/bottom contrib. to annual change, p.p.) Imports (top/bottom contrib. to annual change, p.p.) Italy France Germany USA Portugal Malaysia Netherlands China Belgium Morocco Venezuela Nigeria Chile Ireland Indonesia Equatorial Guinea Turkey South Korea Norway Oman Germany Italy USA South Korea France Belgium Nigeria Peru Morocco Mexico Cameroon Ukraine Canada UAE Kuwait Austria Greece Qatar Azerbaijan Russia Regarding imports, the countries with the largest contributions to the annual change in Spain s imports in March 2017 (up by 19.1) were Germany (2.2 percentage points), Italy (1.8 points), the United States (1.4 points) and South Korea (1.2 points). The destinations with the largest negative contributions were Russia (-0.4 points), Azerbaijan (-0.3 points), Qatar ( points) and Greece ( points). International data In comparison to other geographical areas, Spain s exports of went up by 16.9 year-on-year in March, a higher increase than that of the euro area (12.4) and the European Union (12.9). Within the European Union, exports also increased in Germany (10.8), France (9.5), Italy (14.5) and in the United Kingdom (25.5). Outside the European Union, the United States exports increased by 8.1 yearon-year, China s by 12.3 and Japan s by

9 JANUARY MARCH 2017 Spain s exports advanced by 14.1 in the period of January-March 2017 compared to the same period of 2016 to 69,741.5 million euros and imports expanded by 16.5 year-on-year to 76,940.8 million euros. In real terms, exports grew by 13.3 year-on-year, as export prices increased by 0.8, and imports grew by 8.0 year-on-year, as import prices went up by 7.9. Spain s trade deficit increased to 7,199.3 million euros compared to the same period of 2016 (deficit of 4,943.5 million euros). The export/import coverage ratio reached 9, 1.9 percentage points lower than in the same period of 2016 (92.5, provisional data). The non-energy trade balance reached a deficit of million euros, compared to a deficit of million euros in January-March 2016, whereas the energy trade deficit increased by 71.6 year-on-year to 6,788.0 million euros. Sectoral data Spain s main exporting sectors in the period of January-March were capital (representing 19.2 of total exports, rising by 1 year-on-year), vehicles (17.6 of total, increasing by 8.2), food, beverages and tobacco (17.2 of total, advancing by 14.1) and chemical products (14.3 of total, rising by 11.7). Vehicles Consumption Durable Capital Exports ( of total) Other 1.3 J-M Food, beverages and tobacco Chemical products Energy Raw materials Semi-manuf. (non-chem.) JAN-MAR 2017 Vehicles Durable Capital Consumption Imports ( of total) Other 0.4 J-M Food, beverages and tobacco Chemical products Energy Raw materials Semi-manuf. (non-chem.) JAN-MAR 2017 The largest shares by sector of Spain s imports were those of capital (representing 20.9 of total and rising by 15.2 year-on-year), chemical products (15.0 of total imports, rising by 6.9), energy (14.4 of total imports, rising by 71.1) and vehicles (13.5 of total imports, growing by 6.6). Among subsectors, the largest contributions to the annual change in Spain s exports (up by 14.1) were oil and by-products (2.8 percentage points), cars and motorcycles (1.2 points) and fruits, vegetables and legumes (0.8 points). On the other hand, the major negative contributions by subsectors corresponded to aircraft (-0.4 points) and inorganic chemical products ( points). 6

10 Exports (top/bottom contrib. to annual change, p.p.) Imports (top/bottom contrib. to annual change, p.p.) oil and by-products cars and motorcycles fruits, vegetables and legumes oils and fats minerals iron and steel engines garment non-ferrous metals general purpose equipment paper telecommunication equipment electrical machinery other durable coal and electricity consumer electronics footwear tobacco inorganic aircraft oil and by-products minerals iron and steel aircraft engines automotive parts and accessories coal and electricity general purpose equipment cars and motorcycles gas ceramic and associated other durable furniture footwear inorganic paper railway transport equipment beverages telecommunication equipment other food products The subsectors with most positive contributions to the annual change in Spain s imports in January- March 2017 (up by 16.5) were oil and by-products (6.0 points), minerals (0.9 points) and iron and steel (0.9 points). The major negative contributions corresponded to other food products ( points) and telecommunications equipment ( points). Geographic data Exports to the European Union accounted for 67.1 of total exports in the period (down from 67.7 in the same period of 2016) and grew by 13.1 year-on-year, while exports to the euro area accounted for 52.4 of total (52.6 in the same period of 2016) and advanced by Exports to the rest of the world accounted for 32.9 of total exports (up from 32.3 in the same period of 2016) and rising by 16.3 year-on-year. America Rest of Europe Asia Rest of EU Africa Exports ( of total) Oceania Other J-M Euro area JAN-MAR 2017 Asia America Africa Rest of Europe 5.8 Imports ( of total) Oceania Other J-M Rest of EU Euro area JAN-MAR 2017 Imports from the European Union accounted for 54.6 of total imports in January-March 2017 (down from 56.9 in the same period of 2016) and advanced by 11.8 year-on-year. Imports from the euro area accounted for 43.6 (45.6 in the same period of 2016) and advanced by Imports from the rest 7

11 of the world accounted for 45.4 of total imports (43.1 in the same period of 2016) and increased by 22.7 year-on-year. Spain s trade surplus with the European Union and with the euro area increased to 4,745.9 million euros and to 3,003.7 million euros respectively, up from surpluses of 3,754.8 million and 2,029.9 million euros in the same period of the previous year. The trade deficit with the rest of the world increased by 37.3 year-on-year to 11,945.2 million euros. In terms of contribution to the annual change of exports (up by 14.1), the main contributions were those of Italy (1.9 percentage points), France (1.8 points), Germany (1.2 points) and the United States (0.8 points). Those destinations with the largest negative contributions were Oman (-0.3 points), Egypt ( points), Ireland ( points) and Venezuela ( points). Exports (top/bottom contrib. to annual change, p.p.) Imports (top/bottom contrib. to annual change, p.p.) Italy France Germany USA Portugal China Belgium Morocco Netherlands UK Kazakhstan Nigeria Cuba Algeria Ghana Equatorial Guinea Venezuela Ireland Egypt Oman Germany Italy France Mexico UK South Korea USA Morocco Netherlands Belgium Ivory Coast Guinea DR Congo Hong Kong Denmark Tunisia Thailand Kuwait Qatar Luxembourg Regarding imports, the countries with the largest contribution to the annual change in Spain s imports in the period (up by 16.5) were Germany (1.4 percentage points), Italy (1.2 points), France (0.9 points), and Mexico (0.8 points). In the period analysed there were no countries with a significant negative contribution. In the period January-March, the number of Spanish exporters increased by 2.9 year-on-year to 76,908 exporters, out of which 25,218 had already exported at least 50,000 euros worth of in the period, 3.4 more than in the same period of With regard to regular exporters (those that have already exported in the current year as well as in each of the three preceding years), they amounted to 42,489 in the period, 55.2 of total exporters and 2.3 more than in the same period of Their exports reached 66,78 million, 95.8 of total exports and 14.6 more than in the same period of the previous year. International data In comparison to other geographical areas, Spain s exports of advanced by 14.1 year-on-year in the period of January-March 2017, a higher rate than those attained by the euro area (9.5) and the European Union (9.7). Within the European Union, exports also increased in Germany (8.5), France (4.2), Italy (1) and the United Kingdom (21.4). Outside the European Union, the United States exports increased by 7.3 year-on-year, China s by 4.2 and Japan s by 8.5 8

12 12 - MONTH ACCUMULATED FLOWS 300, , , , , , , ,000 M 250, , , ,000 50, , , , ,000 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 J J A S O N D J F M Imports Exports Trade Balance Coverage ratio ,000 M 200,000 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 J J A S O N D J F M Energy Exports Energy Imports Non-energy Exports Non-energy Trade Balance Non-energy Imports Energy Trade Balance 150, ,000 50, , , , ,000 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 J J A S O N D J F M Extra-EU Exports Extra-EU Imports EU Exports UE Imports EU Trade Balance 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 COVERAGE RATIO , , , , , , , , , , , , , , , , , , , , , , , , * 254, , , last months* 263, , , (Jan-Mar) 48, , , (Jan-Mar) 38, , , (Jan-Mar) 43, , , (Jan-Mar) 54, , , (Jan-Mar) 56, , , (Jan-Mar) 58, , , (Jan-Mar) 59, , , (Jan-Mar) 61, , , (Jan-Mar)* 61, , , (Jan-Mar)* 69, , , (Mar) 15, , , (Mar) 14, , , (Mar) 16, , , (Mar) 20, , , (Mar) 20, , , (Mar) 21, , , (Mar) 20, , , (Mar) 23, , , (Mar)* 22, , (Mar)* 26, , , * January 21, , , February 22, , , March 26, , , Q1 69, , , * Provisional Source: Evaluation Department (Secretariat of State for Trade), data from Spanish Customs Department (Tax Agency) 10

14 Sector breakdown Executive Summary International Trade Report. March 2017 Sector breakdown - March 2017 Million EXPORTS IMPORTS BALANCE share y-o-y () Million share y-o-y () Million Food, beverages and tobacco 4, , , 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 1, , , Gas Coal and electricity Raw materials Animals and vegetables Minerals Semi-manuf. (non-chem.) 2, , Non-ferrous metals Iron and steel Paper Ceramic flags and paving Other semi-manufactures Chemical products 3, , Organic chemicals Inorganic chemicals Medicines 1, , Plastics Fertilisers Tanning or dyeing extracts Essential oils and perfumes Other chemical products n.e.s Capital 5, , Equipment for industry 1, , Specific purpose machinery General purpose machinery , Office and telecom. equipment Automatic data-processing machines Telecommunications equipment Transport equipment 1, , Railway Road Ships Aircraft Other capital 2, , Engines Electrical machinery , Precision equipment Other Vehicles 4, , Cars and motorcycles 3, , , Parts and accessories 1, , Durable Household appliances Consumer electronics Furniture Other durable Consumption 2, , Textiles 1, , Garment 1, , Footwear Toys Other consumption Other TOTAL 26, , , Source: Evaluation Department (Secretariat of State for Trade), data from Spanish Customs Department (Tax Agency) y-o-y () 11

15 Sector breakdown Executive Summary International Trade Report. March 2017 Sector breakdown - January to March 2017 Million EXPORTS IMPORTS BALANCE share y-o-y () Million share y-o-y () Million y-o-y () Food, beverages and tobacco 12, , , Meat products 1, , Fishery products , Fruits, vegetables and legumes 5, , , Oils and fats 1, Sugars, coffee and cocoa Dairy products and eggs Other food products 1, , Beverages Tobacco Energy 4, , , Oil and by-products 4, , , Gas , , Coal and electricity Raw materials 1, , Animals and vegetables Minerals 1, , Semi-manuf. (non-chem.) 6, , , Non-ferrous metals 1, , Iron and steel 1, , Paper Ceramic flags and paving 1, Other semi-manufactures 1, , Chemical products 9, , , Organic chemicals , , Inorganic chemicals Medicines 2, , Plastics 2, , Fertilisers Tanning or dyeing extracts Essential oils and perfumes 1, Other chemical products n.e.s. 1, , Capital 13, , , Equipment for industry 3, , Specific purpose machinery 1, , General purpose machinery 2, , Office and telecom. equipment , , Automatic data-processing machines , Telecommunications equipment , , Transport equipment 3, , , Railway Road 1, , Ships Aircraft , Other capital 5, , Engines Electrical machinery 2, , Precision equipment , Other 1, , Vehicles 12, , , Cars and motorcycles 8, , , Parts and accessories 3, , , Durable 1, , Household appliances Consumer electronics Furniture Other durable Consumption 6, , , Textiles 4, , , Garment 3, , , Footwear Toys Other consumption 1, , Other TOTAL 69, , , Source: Evaluation Department (Secretariat of State for Trade), data from Spanish Customs Department (Tax Agency) 12

16 Geographic breakdown Executive Summary International Trade Report. March 2017 Geographic breakdown - March 2017 EXPORTS IMPORTS BALANCE Million share y-o-y () Million share y-o-y () Million y-o-y () EUROPE 18, , , EUROPEAN UNION * 17, , , EURO AREA 13, , , Austria Belgium Cyprus Estonia Finland France 3, , Germany 2, , Greece Ireland Italy 2, , Latvia Lithuania Luxembourg Malta Netherlands , Portugal 1, , Slovakia Slovenia REST OF EU 3, , Bulgaria Croatia Czech Republic Denmark Hungary Poland Romania Sweden United Kingdom 1, , REST OF EUROPE 1, , Norway Russia Switzerland Turkey AMERICA 2, , NORTH AMERICA 1, , Canada USA 1, , LATIN AMERICA 1, , Argentina Brazil Chile Mexico Venezuela ,897.5 REST OF AMERICA ASIA 2, , , ASIA (exc. Middle East) 1, , , China , , Hong-Kong. China India Indonesia Japan Philippines Singapore South Korea ,150.2 Taiwan MIDDLE EAST Saudi Arabia United Arab Emirates AFRICA 1, , Algeria Egypt Morocco Nigeria South Africa OCEANIA Australia OTHER (**) WORLD 26, , , Pro memoria: TOTAL NON EU 8, , , TOTAL NON EURO AREA 12, , , OECD 20, , , ASEAN MERCOSUR OPEC 1, , Source: Evaluation Dept. (Sec.of State for Trade), data from Spanish Customs Dept. (Tax Agency). ** Mainly provisioning outside the EU * Total EU is higher than the sum of its members as a result of including provisioning and fishing occurred between Member States 13

17 Geographic breakdown Executive Summary International Trade Report. March 2017 Geographic breakdown - January to March 2017 EXPORTS IMPORTS BALANCE Million share y-o-y () Million share y-o-y () Million y-o-y () EUROPE 50, , , EUROPEAN UNION * 46, , , EURO AREA 36, , , Austria ,385.1 Belgium 2, , Cyprus Estonia Finland France 10, , , Germany 7, , , Greece Ireland Italy 5, , , Latvia Lithuania Luxembourg Malta Netherlands 2, , Portugal 4, , , Slovakia Slovenia ,867.8 REST OF EU 10, , , Bulgaria Croatia Czech Republic , Denmark Hungary Poland 1, , Romania Sweden United Kingdom 5, , , REST OF EUROPE 3, , Norway Russia Switzerland 1, Turkey 1, , AMERICA 7, , ,51-29 NORTH AMERICA 3, , Canada USA 3, , LATIN AMERICA 3, , Argentina Brazil Chile Mexico 1, , Venezuela ,192.0 REST OF AMERICA ASIA 6, , , ASIA (exc. Middle East) 4, , , China 1, , , Hong-Kong. China India , Indonesia Japan , Philippines Singapore South Korea Taiwan MIDDLE EAST 2, , Saudi Arabia United Arab Emirates AFRICA 4, , , Algeria , Egypt Morocco 1, , Nigeria , , South Africa OCEANIA Australia OTHER (**) WORLD 69, , , Pro memoria: TOTAL NON EU 22, , , TOTAL NON EURO AREA 33, , , OECD 54, , , ASEAN , , MERCOSUR , OPEC 2, , , Source: Evaluation Dept. (Sec.of State for Trade), data from Spanish Customs Dept. (Tax Agency). ** Mainly provisioning outside the EU * Total EU is higher than the sum of its members as a result of including provisioning and fishing occurred between Member States 14

18 Exports and imports growth in selected economies (y-o-y ) EXPORTS IMPORTS M arch Last 12 Jan-M arch M arch Last 12 Jan-M arch 2017 months months 2017 Spain Germany France (1) Italy Euro Area (2) United Kingdom European Union (28) (3) USA China 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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