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

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1 Executive Summary Intenational Trade Report December 2014 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.

3 MINISTRY OF ECONOMY AND COMPETITIVENESS SECRETARIAT OF STATE FOR TRADE EVALUATION DEPARTAMENT

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5 EXECUTIVE SUMMARY DECEMBER 2014 In December 2014 Spain s exports increased by 5.7% year-on-year in nominal terms to 19,352.5 million euros, whereas imports grew by 5.1% to 21,174.3 million euros. In real terms, exports rose by 7.2% as export prices fell by 1.5%, whereas imports increased by 7.0% as import prices dropped by 1.8%. In nominal terms on a month-on-month basis, exports and imports fell in December 2014 by 3.0% and 1.5% respectively. With seasonally adjusted series, exports decreased by 0.2% while imports fell by 1.1% month-on-month. Spain s trade balance registered a deficit of 1,821.8 million euros, down from 1,830.0 million euros deficit in December 2013 (provisional data). The export/import coverage ratio reached 91.4%, 0.5 percentage points higher than in the same month of 2013 (90.9% in December 2013 with provisional data). Non-energy trade surplus reached million euros, down from 1,223.5 million euros surplus in the same month of Energy trade deficit fell by 17.4% year-on-year to 2,522.1 million euros. Exports to the European Union accounted for 60.8% of total exports, down from 61.2% reached in December This fall was due to the decreasing weight in the euro area to 47.6% in December 2014 (48.2% in December 2013), since the weight of the rest of the European Union increased to 13.2% (13.0% in December 2013). Exports to the European Union grew year-on-year by 4.9%, whereas exports to the euro area rose by 4.3%. Exports to non-eu countries accounted for 39.2% of total exports in December 2014 (38.8% in December 2013), after they increased by 6.9% year-on-year. Some of the most significant rises by region referred to exports to Asia excluding Middle East (32.4% year-on-year) and North America (30.9% year-on-year). The countries with major contributions to the annual rate of variation of Spain s exports in December 2014 (5.7%) were United States (1.4 percentage points), Turkey (1.3 points) and Italy (0.9 points). Conversely, the destinations with the largest negative contributions were Australia (-2.7 points), Portugal (-0.8 points) and Gibraltar (-0.6 points). Trade balance with the European Union registered in December 2014 a surplus of million euros (547.7 million in December 2013) and with the euro area a 57.7 million euros deficit (239.8 million surplus in December 2013). Trade deficit with the rest of the world decreased to 2,048.5 million euros (deficit of 2,377.6 million euros in December 2013). Trade balance with North America registered a million euros surplus in December 2014, comparing favourably with a million deficit in the same month of Trade deficit with Asia declined by 4.7% to 2,034.2 million euros, although it rose by 51.1% the deficit with Africa to million euros. Trade balance with Oceania showed a million euros surplus, down from a million surplus in the same month of the previous year. The main exporting sectors were capital goods (this sector represented 20.6% of total exports and they increased by 5.4% year-on-year), food, beverages and tobacco (17.3% of total exports, they 3

6 increased by 4.0%), chemical products (14.3% of total exports, they rose by 23.5%) and vehicles (14.1% of total exports, they grew by 7.5%). The sectors with the most positive contribution to the annual rate of variation of Spain s exports in December 2014 (5.7%) were chemical products (2.9 percentage points), consumption goods (1.3 points), energy (1.3 points) and capital goods (1.1 points). On the contrary, other goods (-3.0 points) and durable goods (-0.2 points) were the only sectors with negative contributions in December. By subsectors, the main positive contributions were those of medicines (1.4 points), cars and motorcycles (1.2 points) and oil and by-products (1.0 points). Conversely, the major negative contributions corresponded to road transport equipment (-0.8 points), iron and steel (-0.4 points) and fruits, vegetables and legumes (-0.4 points). Among Spanish regions, the major contributions to Spanish exports growth were made by Cataluña with 2.9 percentage points (24.6% of total exports, they increased by 12.3%), followed by Andalucía with 1.5 percentage points (11.8% of total exports, they rose by 13.2%). Comunidad de Madrid s exports (12.0% of total) increased by 10.2%, Comunitat Valenciana s (11.9% of total) remained stable, País Vasco s (8.8% of total) rose by 15.9%, while Galicia s (6.9% of total) fell by 27.3%. Compared to other geographical areas, Spain s exports of goods increased by 5.7% in December year-on-year, a higher increase rate than in the euro area (5.3%) and the European Union (4.9%), whereas within the European Union, exports also grew in Germany (10.0%), France (5.6%) and Italy (6.3%), while they decreased in the United Kingdom (-3.2%). Outside the European Union, Japan s exports expanded by 12.8% and those of the United States grew by 1.5%. 4

7 JANUARY DECEMBER 2014 Spain s exports from January to December 2014 amounted to 240,034.9 million euros, 2.5% higher than in the same period of Imports were up by 5.7% year-on-year, totalling 264,506.7 million euros. In real terms, exports increased by 3.5%, as export prices fell by 1.0%, and imports rose by 8.3%, as import prices fell by 2.4%. Spain s trade deficit of 24,471.9 million euros was higher than in the same period of 2013, when it amounted to 15,955.4 million euros. The export/import coverage ratio reached 90.7%, 2.9 percentage points lower than in the same period of 2013 (93.6%, provisional data). Non-energy trade balance recorded a 13,599.3 million euros surplus (25,042.2 million euros surplus in January-December 2013), whereas energy trade deficit decreased by 7.1% year-on-year to reach 38,071.1 million euros. Exports to the European Union accounted for 63.4% of total exports in January-December 2014, up from 62.6% in the same period of This weight rise was due to the increasing weight of the euro area to 49.7% (49.0% in the same period of 2013) as well as the rest of the European Union to 13.7% (13.6% in the same period of 2013). Exports to the European Union and the euro area grew by 3.9% year-on-year in both cases. Exports to the rest of the world accounted for 36.6% of total exports (37.4% in the same period of 2013), increasing by 0.2% year-on-year. Outside the European Union, it is worth noting the increase recorded in exports to North America (5.0% of total exports, 22.0% growth) and to Asia excluding Middle East (6.4% of total exports, 16.3% growth). In terms of contribution to the growth of total exports (2.5%), the main destinations of Spanish exports were the United States (which accounted for 0.8 percentage points), Germany (0.6 points), South Korea (0.4 points) and Italy (0.4 points). Conversely, the destinations with the largest negative contributions were Australia (-0.4 points), Switzerland (-0.3 points), Gibraltar (-0.2 points) and Brazil (- 0.2 points). Spain s trade surplus with the European Union and with the euro area fell to 11,223.1 million euros and to 6,169.5 million euros respectively, down from 17,695.2 and 11,109.1 million euros surplus reached in the same period of the previous year. Trade deficit with the rest of the world grew by 6.1% year-on-year to 35,694.9 million euros. It is worth noting that the trade balance with North America changed to a million euros surplus in January-December 2014, compared to a 1,489.2 million deficit in the same period of the previous year. Moreover, there has been a 46.8% deficit cut with Middle East to 1,071.1 million euros and a 0.8% trade deficit increase with Africa, to 11,790.8 million. The main exporting sectors were capital goods (20.1% of total exports, although they fell by 0.5% year-on-year), food, beverages and tobacco (15.5% of total exports, they grew by 4.4%), vehicles (14.8% of total exports, they rose by 6.2%) and chemical products (14.2% of total exports, they expanded by 2.9%). The main drivers by sector of Spain s exports growth in the period January-December 2014 were vehicles (this sector s exports accounted for a contribution of 0.9 percentage points to the 2.5% increase in total exports), consumption goods (0.7 points), food, beverages and tobacco (0.7 points), energy (0.5 points) and chemical products (0.4 points). The only negative contributions by sectors were other goods (-0.6 points), capital goods (-0.1 points), raw materials (-0.1 points) and durable 5

8 goods (-0.1 points). By subsectors, the main contributions were made by cars and motorcycles (0.9 percentage points), other food products (0.4 points) and gas (0.4 points). On the contrary, the major negative contributions by subsectors corresponded to aircraft (-0.5 points), specific purpose equipment (-0.5 points) and other semi-manufactures (-0.1 points). Among Spanish regions, those that made the major contribution to global export growth (2.5%) were Cataluña (contribution of 0.8 percentage points, 25.1% of total exports, they grew by 3.1% year-onyear) and País Vasco (contribution of 0.7 points, 9.3% of total exports, they increased by 8.2%). Andalucía s exports (11.0% of total) increased by 2.1%, Comunidad de Madrid s exports (11.7% of total) fell by 8.0% and Galicia s (7.4% of total) decreased by 3.2%. Compared to other geographical areas, Spain s exports of goods recorded a growth rate of 2.5% year-on-year in the period January-December 2014, performing better than the euro area (1.8%) and the European Union (1.3%). Within the European Union, Germany s and Italy s exports also grew (3.9% and 2.0% respectively), while those of France and the United Kingdom fell (-0.2% and -11.1% respectively). Outside the European Union, Japan s exports increased by 4.8% and those of the United States by 2.8%. 6

9 STATISTICAL ANNEX Million Key data EXPORTS IMPORTS BALANCE % m-o-m % y-o-y Million % m-o-m % y-o-y Million % m-o-m COVERING RATE , , , , , , , , , , , , , , , , , , last months* 240, , , (Jan-Dec) 189, , , (Jan-Dec) 159, , , (Jan-Dec) 186, , , (Jan-Dec) 215, , , (Jan-Dec) 226, , , (Jan-Dec) 235, , , (Jan-Dec)* 240, , , (Dec) 12, , , (Dec) 13, , , (Dec) 15, , , (Dec) 17, , , (Dec) 17, , , (Dec) 18, , , (Dec)* 19, , , * January 18, , , February 19, , , March 20, , , Q1 58, , , April 19, , , May 20, , , , , June 20, , , , Q2 60, , , July 21, , , August 16, , , September 21, , , Q3 59, , , October 22, , , November 19, , , December 19, , , Q4 61, , , % y-o-y % * Provisional Source: Evaluation Department (Secretariat of State for Trade), data from Spanish Customs Department (Tax Agency) 7

10 Sector breakdown - December 2014 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, , 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.) 1, , Non-ferrous metals Iron and steel Paper Ceramic and associated Other semi-manufactures Chemical products 2, , Organic Inorganic Medicines , Plastics Fertilizers ,499.8 Tanning or dyeing extracts Essential and perfume oils Other chemical products Capital goods 3, , Equipment for industry 1, , Specific purpose General purpose Office and telecom. Equipment , Office Telecommunication Transport equipment Railway Road Ships Aircraft Other capital goods 1, , Engines Electrical machinery Precision equipment Other Vehicles 2, , Cars and motorcycles 1, , Parts and accessories , Durable goods Electrical appliances Consumer electronics Furniture Other durable goods Consumption goods 1, , Textiles 1, , Garment Footwear Toys Other consumption goods Other TOTAL 19, , , Source: Evaluation Department (Secretariat of State for Trade), data from Spanish Customs Department (Tax Agency) 8

11 Sector breakdown - January to December 2014 EXPORTS IMPORTS BALANCE Million % share % y-o-y Million % share % y-o-y Million % y-o-y Food, beverages and tobacco 37, , , Meat products 5, , , Fishery products 2, , , Fruits, vegetables and legumes 14, , , Other food products 10, , , Beverages 3, , , Tobacco , , Energy 17, , , Oil and by-products 14, , , Gas 2, , , Coal and electricity , Raw materials 5, , , Animals and vegetables 2, , Minerals 3, , , Semi-manuf. (non-chem.) 25, , , Non-ferrous metals 4, , , Iron and steel 8, , , Paper 3, , Ceramic and associated 3, , Other semi-manufactures 5, , , Chemical products 34, , , Organic 3, , , Inorganic , Medicines 10, , , Plastics 9, , Fertilizers Tanning or dyeing extracts 2, , Essential and perfume oils 4, , Other chemical products 3, , Capital goods 48, , , Equipment for industry 12, , Specific purpose 4, , General purpose 8, , Office and telecom. Equipment 2, , , Office , , Telecommunication 1, , , Transport equipment 12, , , Railway 1, , Road 6, , , Ships Aircraft 3, , , Other capital goods 20, , , Engines 1, , Electrical machinery 10, , , Precision equipment 1, , , Other 6, , , Vehicles 35, , , Cars and motorcycles 24, , , Parts and accessories 11, , , Durable goods 3, , , Electrical appliances , Consumer electronics , , Furniture 1, , Other durable goods Consumption goods 22, , , Textiles 13, , , Garment 9, , , Footwear 2, , Toys , Other consumption goods 5, , , Other 10, , TOTAL 240, , , Source: Evaluation Department (Secretariat of State for Trade), data from Spanish Customs Department (Tax Agency) 9

12 Geographic breakdown - December 2014 EXPORTS IMPORTS BALANCE Million % share % y-o-y Million % share % y-o-y Million % y-o-y EUROPE 13, , EUROPEAN UNION * 11, , EURO AREA 9, , France 2, , Belgium Luxembourg ,126.8 Netherlands Germany 1, , Italy 1, , Ireland Portugal 1, Austria Finland Greece Slovenia ,630.7 Malta Cyprus Slovakia Estonia , Latvia REST OF EU 2, , United Kingdom 1, Denmark ,217.2 Sweden Lithuania Poland Czech Republic Hungary Bulgaria Romania Croatia REST OF EUROPE 1, , Switzerland Norway Turkey Russia AMERICA 2, , NORTH AMERICA 1, USA Canada LATIN AMERICA 1, , Argentina Brazil Chile Mexico Venezuela REST OF AMERICA ASIA 2, , , ASIA (exc. Middle East) 1, , , Japan China , , Hong-Kong, China South Korea India Indonesia Singapore Thailand Taiwan MIDDLE EAST Saudi Arabia United Arab Emirates AFRICA 1, , Morocco Algeria Nigeria South Africa OCEANIA Australia OTHER (**) , WORLD 19, , , Pro memoria: TOTAL NON EU 7, , , TOTAL NON EURO AREA 10, , , OECD 14, , ASEAN NAFTA 1, , MERCOSUR OPEC 1, , , 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 10

13 Geographic breakdown - January to December 2014 EXPORTS IMPORTS BALANCE Million % share % y-o-y Million % share % y-o-y Million % y-o-y EUROPE 167, , , EUROPEAN UNION * 152, , , EURO AREA 119, , , France 37, , , Belgium 6, , Luxembourg Netherlands 7, , , Germany 24, , , Italy 17, , , Ireland 1, , , Portugal 18, , , Austria 1, , Finland Greece 1, , Slovenia Malta Cyprus Slovakia , Estonia , Latvia , REST OF EU 32, , , United Kingdom 16, , , Denmark 1, , Sweden 2, , Lithuania Poland 3, , Czech Republic 1, , , Hungary 1, , Bulgaria 1, Romania 1, , Croatia REST OF EUROPE 15, , , Switzerland 3, , Norway 1, , , Turkey 5, , , Russia 2, , , AMERICA 26, , , NORTH AMERICA 11, , USA 10, , Canada 1, , ,143.7 LATIN AMERICA 13, , , Argentina 1, , Brazil 3, , Chile 1, , Mexico 3, , , Venezuela , REST OF AMERICA ASIA 22, , , ASIA (exc. Middle East) 15, , , Japan 2, , China 4, , , Hong-Kong, China South Korea 1, , India 1, , , Indonesia , , Singapore Thailand Taiwan 1, MIDDLE EAST 7, , , Saudi Arabia 2, , , United Arab Emirates 1, , AFRICA 16, , , Morocco 5, , , Algeria 3, , , Nigeria , , South Africa 1, OCEANIA 1, Australia 1, OTHER 5, , , WORLD 240, , , Pro memoria: TOTAL NON EU 87, , , TOTAL NON EURO AREA 120, , , OECD 179, , , ASEAN 2, , , NAFTA 15, , MERCOSUR 5, , OPEC 11, , , 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 11

14 Exports and imports growth in selected economies (y-o-y %) EXPORTS IMPORTS Dec Last 12 Jan-Dec Dec Last 12 Jan-Dec 2014 months month 2014 Spain France (1) Germany Italy Euro Area (2) United Kingdom European Union (28) (3) 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 12

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