Executive Summary International Trade Report. May 2018 MINISTRY OF INDUSTRY,TRADE AND TOURISM GOVERNMENT OF SPAIN

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1 Executive Summary International Trade Report May 2018 GOVERNMENT OF SPAIN MINISTRY OF INDUSTRY,TRADE AND TOURISM

2 Report prepared by the Deputy Directorate-General for Studies andtrade Policy Evaluation. Directorate-General fortrade Policy and Competitiveness. Secretariat of State fortrade. DIRECCIÓN EJECUTIVA Inés Pérez-Durántez Bayona 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 ( / ). A MINISTERIO DE INDUSTRIA, COMERCIO Y TURISMO Paseo de la Castellana, Madrid Tel.: NIPO: enipo: D.L.: M Papel: Exterior: Estucado mate ecológico (702/250) Interior: Offset ecológico (700) Impresión y maquetación: Centro de Impresión Digital y Diseño, Secretaría de Estado de Comercio.

3 Publication date: 20 July 2018

4 1

5 MAY 2018 In May 2018, Spain s exports fell by year-on-year in nominal terms to 25,309.3 million euros, whereas imports grew by 2.5 to 27,462.9 million euros. With seasonally adjusted data, exports also declined by year-on-year, while imports increased by 2.4. In real terms, exports diminished by 3.0 year-on-year, as export prices advanced by 2.9, and imports decreased by 0.5, as import prices expanded by 3.0. In nominal terms on a month-on-month basis, exports rose by 6.1, and imports by 2.1. With seasonally adjusted data, exports augmented by 0.6 month-on-month, while imports shrank by 0.8. Exports ( year-on-year) Imports ( year-on-year) original trend-cycle -20 original trend-cycle Trade balance (M ) and coverage ratio () Spain s trade balance registered a deficit of 120 2,153.6 million euros, up from a deficit of 1,431.0 million euros in May 2017 (provisional data). The export/import coverage ratio reached 92.2, 2.5 percentage points lower than in the same month -2, of 2017 (94.7 in May 2017 with provisional data). The non-energy trade balance reached a deficit of million euros, in contrast to a surplus of million in the same month of -4, The energy trade deficit rose by 2 year-on-year to 1,853.9 million euros (compared to a deficit of 1,54 million euros in May 2017). -6,000-8,000 Trade Balance Coverage ratio Sectoral data Spain s main exporting sectors in May 2018 were capital (representing 19.8 of total exports and diminishing by 7.4 year-on-year), food, beverages and tobacco (17.1 of total, increasing by 1.6), vehicles (17.1 of total, shrinking by 1.9) and chemical products (14.3 of total, expanding by ). 2

6 Vehicles Consumption Durable Capital Exports ( of total) Other 1.4 MAY Chemical products Food, beverages and tobacco Energy Raw Materials Semi-manuf. (non-chem.) MAY 2018 Vehicles Imports ( of total) Consumption Other Durable 1 Capital MAY Food, beverages and tobacco 15.0 Chemical products Energy Raw Materials Semimanuf. (non-chem.) MAY 2018 The most significant sectors of Spain s imports were capital (representing 21.0 of total imports and declining by 1.5 year-on-year), chemical products (15.0 of total, advancing by 0.6), vehicles (14.2 of total, rising by 3.2) and energy (13.1 of total, increasing by 15.7). Among subsectors, the largest contributions to the annual change in Spain s exports in May 2018 (down by -) came from electrical machinery (0.9 points), oil and by-products (0.7 points) and fruits, vegetables and legumes (0.5 points). The major negative contributions corresponded to aircraft (-1.9 points), medicines (-0.5 points) and oils and fats (- points). Exports (top/bottom contrib. to annual change, p.p.) electrical machinery 0.9 oil and by-products 0.7 fruits, vegetables and legumes 0.5 minerals other semi-manufactures iron and steel organic chemical products beverages specific purpose equipment road transport equipment other consumption cars and motorcycles - ships - engines - automotive parts and accessories - precision equipment - office equipment - oils and fats - medicines -0.5 aircraft -1.9 Imports (top/bottom contrib. to annual change, p.p.) oil and by-products 2.1 minerals 0.6 electrical machinery 0.5 other food products other chemical products plastics iron and steel cars and motorcycles automotive parts and accessories fishery products essential and perfume oils oils and fats precision equipment other consumption - sugars, coffee and cocoa - gas - garment - organic chemical products - office equipment - aircraft -0.6 The subsectors with the most positive contribution to the annual change in Spain s imports in May 2018 (up by 2.5) were oil and by-products (2.1 points), minerals (0.6 points) and electrical machinery (0.5 points). The major negative contributions corresponded to aircraft (-0.6 points), office equipment (- points) and organic chemical products (- points). 3

7 Geographic data Exports to the European Union accounted for 66.5 of total exports in May 2018 (up from 66.3 in May 2017) and advanced by year-on-year. Exports to the euro area ran at 52.2 (up from 51.5 in May 2017) and grew by 1.2. Exports to non-eu countries represented 33.5 of total exports (down from 33.7 in May 2017) as they diminished by 0.9 year-on-year. Exports ( of total) Oceania Africa Other Imports ( of total) Oceania Other Africa America Rest of Europe Asia MAY Euro area Asia America MAY Euro area Rest of EU 14.3 MAY 2018 Rest of Europe Rest of EU MAY 2018 Imports from the European Union amounted to 55.2 of total imports in May 2018 (up from 55.1 in May 2017) and advanced by 2.8 year-on-year. Imports from the euro area represented 44.7 (down from 45.0 in May 2017) and went up by 1.7. Imports from non-eu countries accounted for 44.8 of total imports in May 2018 (down from 44.9 in May 2017) as they increased by 2.2 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 showed in May 2018 a surplus of 1,671.2 million euros (down from a surplus of 2,050.7 million in May 2017) and a surplus of million euros with the euro area (991.7 million surplus in May 2017). Trade deficit with the rest of the world increased to 3,824.8 million euros (from a deficit of 3,481.7 million euros in May 2017). 4

8 The destinations with the largest contributions to the annual change in Spain s exports in May 2018 (down by -) were Portugal (0.6 percentage points), Italy ( points), Belgium ( points) and Saudi Arabia ( points). Those destinations with the largest negative contributions were the United Kingdom (-1.0 points), Germany (-0.7 points), the United States (-0.6 points) and China (- points). Exports (top/bottom contrib. to annual change, p.p.) Imports (top/bottom contrib. to annual change, p.p.) Portugal Italy Belgium Saudi Arabia Morocco Bulgaria Algeria Gibraltar Ireland Argentina Romania Colombia Czech Republic Canada UAE France China USA Germany UK Saudi Arabia Iran France Morocco Sweden Netherlands Chile Turkey Brazil Russia Canada Cameroon Egypt South Korea Ireland Belgium Norway USA Algeria China Regarding imports, the countries with the largest contributions to the annual change in Spain s imports in May 2018 (up by 2.5) were Saudi Arabia (0.7 percentage points), Iran (0.5 points), France (0.5 points) and Morocco ( points). The destinations with the largest negative contributions were China (-1.1 points), Algeria (- points), the United States (- points) and Norway (- points). International data In comparison to other geographical areas, Spain s exports of fell by year-on-year in May, a similar decline than that of the euro area (-), while those of the European Union increased slightly (). Within the European Union, exports also decreased in Germany (-1.3), France (-5.7) and Italy (-0.8), whereas those of the United Kingdom increased (4.6). Outside the European Union, the United States exports advanced by 13.1, China s by 11.4 and Japan s by

9 JANUARY MAY 2018 Spain s exports expanded by 2.8 in the period of January-May 2018 compared to the same period of 2017 to 120,192.4 million euros, and imports grew by 4.4 year-on-year to 132,329.4 million euros. In real terms, exports went up by 0.5 year-on-year, as export prices advanced by 2.3, and imports increased by 2.6 year-on-year, as import prices augmented by 1.8. Spain s trade deficit increased to 12,137.0 million euros compared to the same period of 2017 (deficit of 9,829.2 million euros). The export/import coverage ratio reached 90.8, 1.4 percentage points lower than in the same period of 2017 (92.2, provisional data). The non-energy trade balance reached a deficit of 1,689.2 million euros, in contrast to a surplus of 89.3 million euros in January-May 2017, and the energy trade deficit expanded by 5.3 year-on-year to 10,447.8 million euros. Sectoral data Spain s main exporting sectors in the period of January-May were capital (representing 19.3 of total exports, remaining stable year-on-year), vehicles (17.1 of total, rising by 2.7), food, beverages and tobacco (16.6 of total, declining by 0.6) and chemical products (14.2 of total, advancing by 3.0). Vehicles Durable 17.1 Capital Exports ( of total) Consumption Other 1.3 JAN-MAY Chemical products Food, beverages and tobacco Energy Raw materials Semi-manuf. (non-chem.) JAN-MAY 2018 Vehicles Durable 13.7 Capital Imports ( of total) Consumption Other JAN-MAY Food, beverages and tobacco Chemical products Energy Raw materials Semi-manuf. (non-chem.) JAN-MAY 2018 The largest shares by sector of Spain s imports were those of capital (representing 20.5 of total and expanding by 1.1 year-on-year), chemical products (15.4 of total imports, surging by 7.2), energy (14.2 of total imports, increasing by 7.1) and vehicles (13.7 of total imports, rising by 6.9). Among subsectors, the largest contributions to the annual change in Spain s exports (up by 2.8) were oil and by-products (0.7 percentage points), electrical machinery (0.7 points) and iron and steel ( points). On the other hand, the major negative contributions by subsectors corresponded to engines (- points), oils and fats (- points) and ships (- points). 6

10 Exports (top/bottom contrib. to annual change, p.p.) oil and by-products 0.7 electrical machinery 0.7 iron and steel automotive parts and accessories minerals garment plastics road transport equipment essential and perfume oils other semi-manufactures fruits, vegetables and legumes 0.0 animals and vegetables railway transport equipment precision equipment coal and electricity - aircraft - medicines - ships - oils and fats - engines - Imports (top/bottom contrib. to annual change, p.p.) oil and by-products 1.4 cars and motorcycles 0.8 minerals 0.5 organic chemical products other food products plastics other chemical products iron and steel telecommunication equipment electrical machinery fertilizers 0.0 other consumption 0.0 animals and vegetables 0.0 oils and fats 0.0 garment gas sugars, coffee and cocoa - coal and electricity - engines - ships - The subsectors with the most positive contributions to the annual change in Spain s imports in January-May 2018 (up by 4.4) were oil and by-products (1.4 points), cars and motorcycles (0.8 points) and minerals (0.5 points). The major negative contributions corresponded to ships (- points), engines (- points) and coal and electricity (- points). Geographic data Exports to the European Union represented 66.7 of total exports in the period (up from 66.5 in the same period of 2017) and grew by 3.1 year-on-year, and exports to the euro area ran at 52.4 of total (52.0 in the same period of 2017) and advanced by 3.5. Exports to the rest of the world amounted to 33.3 of total exports (33.5 in the same period of 2017) and expanded by 2.3 year-on-year. America Rest of Europe Asia Rest of EU 8.9 Exports ( of total) Oceania Other Africa JAN-MAY Euro area JAN-MAY 2018 Asia America 2 1 Rest of Europe Imports ( of total) Oceania Other Africa JAN-MAY Rest of EU Euro area JAN-MAY 2018 Imports from the European Union accounted for 54.6 of total imports in January-May 2018 (down from 54.8 in the same period of 2017) and went up by 4.1 year-on-year. Imports from the euro area amounted to 44.1 (equal value as in the same period of 2017) and expanded by 4.4. Imports from the 7

11 rest of the world ran at 45.4 of total imports (45.2 in the same period of 2017) and increased by 4.8 year-on-year. Spain s trade surplus with the European Union and with the euro area decreased to 7,958.3 million euros and to 4,579.1 million euros respectively, down from surpluses of 8,404.4 million and 4,91 million euros in the same period of the previous year. The trade deficit with the rest of the world advanced by 1 year-on-year to 20,095.3 million euros. In terms of contribution to the annual change of exports (up by 2.8), the main contributions were those of Portugal (0.5 percentage points), Germany ( points), France ( points) and Morocco ( points). Those destinations with the largest negative contributions were the United Kingdom (- points), the United Arab Emirates (- points), Malaysia ( points) and the United States ( points). Exports (top/bottom contrib. to annual change, p.p.) Imports (top/bottom contrib. to annual change, p.p.) Portugal Germany France Morocco Algeria Bulgaria Argentina Belgium Poland Netherlands Angola Senegal Hong Kong Canada Peru Norway USA Malaysia UAE UK France Libya Germany Iran Italy Switzerland Brazil Turkey Sweden Netherlands Venezuela Cameroon Russia Belgium Algeria Colombia UK South Korea Norway USA Regarding imports, the countries with the largest contribution to the annual change in Spain s imports in the period (up by 4.4) were France (0.7 percentage points), Libya (0.7 points), Germany (0.6 points) and Iran ( points). The destinations with the largest negative contributions were the United States (- points), Norway (- points), South Korea (- points), the United Kingdom (- points) and Colombia (- points). In the period January-May, the number of Spanish exporters increased by 28.2 year-on-year to 123,692 exporters, out of which 29,091 had already exported at least 50,000 euros worth of in the period, 0.9 less 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 46,903 in the period, 37.9 of total exporters and 1.8 more than in the same period of Their exports reached 115,526.3 million, 96.1 of total exports and 3.6 more than in the same period of the previous year. International data In comparison to other geographical areas, Spain s exports of augmented by 2.8 year-on-year in the period of January-May 2018, a lower rate than those attained by the euro area (3.7) and the European Union (3.5). Within the European Union, exports also increased in Germany (3.2), France (2.9), Italy (3.0) and the United Kingdom (3.3). Outside the European Union, the United States exports advanced by 9.7, China s by 12.3 and Japan s by 6.1 8

12 12 - MONTH ACCUMULATED FLOWS 300, , , , ,000 50, ,000 M 300,000 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 (right axis) , , , , ,000 M 200,000 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 Energy Exports Energy Imports* Non-energy Exports Non-energy Trade Balance Non-energy Imports* Energy Trade Balance *Imports are plotted on the negative values of the vertical axis to facilitate their visualization 150, ,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 Extra-EU Exports Extra-EU Imports* EU Exports UE Imports* EU Trade Balance Extra-EU Trade Balance 9

13 STATISTICAL ANNEX Executive Summary International Trade Report. May 2018 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 , , , , , , , , , , , , , , , , , , , , , , , , * 277, , , last months* 280, , , (Jan-May) 64, , , (Jan-May) 74, , , (Jan-May) 91, , , (Jan-May) 93, , , (Jan-May) 100, , , (Jan-May) 99, , , (Jan-May) 103, , , (Jan-May) 106, , , (Jan-May)* 116, , , (Jan-May)* 120, , , (May) 13, , , (May) 16, , , (May) 18, , , (May) 19, , , (May) 20, , (May) 20, , , (May) 21, , , (May) 22, , (May)* 25, , , (May)* 25, , , * January 22, , , February 22, , , March 25, , Q1 71, , , April 23, , , May 25, , , * Provisional Source: Studies and Evaluation Department (Secretariat of State for Trade), data from Spanish Customs Department (Tax Agency) 10

14 Sector breakdown Executive Summary International Trade Report. May 2018 Sector breakdown - May 2018 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 , Plastics 1, , 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 1, , 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 , Footwear Toys Other consumption Other TOTAL 25, , , Source: Studies and 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. May 2018 Sector breakdown - January to May 2018 Million EXPORTS IMPORTS BALANCE share y-o-y () Million share y-o-y () Million Food, beverages and tobacco 19, , , Meat products 2, , Fishery products 1, , , Fruits, vegetables and legumes 8, , , Oils and fats 1, , Sugars, coffee and cocoa , Dairy products and eggs Other food products 2, , , Beverages 1, , Tobacco Energy 8, , , Oil and by-products 7, , , Gas , , Coal and electricity , Raw materials 3, , , Animals and vegetables 1, , Minerals 2, , , Semi-manuf. (non-chem.) 12, , , Non-ferrous metals 2, , Iron and steel 3, , Paper 1, , ,069.3 Ceramic flags and paving 1, , Other semi-manufactures 2, , Chemical products 17, , , Organic chemicals 1, , , Inorganic chemicals Medicines 4, , , Plastics 4, , Fertilisers Tanning or dyeing extracts 1, Essential oils and perfumes 2, , Other chemical products n.e.s. 2, , Capital 23, , , Equipment for industry 6, , , Specific purpose machinery 2, , General purpose machinery 4, , , Office and telecom. equipment 1, , , Automatic data-processing machines , , Telecommunications equipment , , Transport equipment 5, , , Railway Road 3, , , Ships Aircraft 1, , Other capital 10, , Engines Electrical machinery 5, , Precision equipment , , Other 3, , Vehicles 20, , , Cars and motorcycles 14, , , Parts and accessories 5, , , Durable 1, , , Household appliances Consumer electronics Furniture , Other durable Consumption 11, , , Textiles 7, , , Garment 5, , , Footwear 1, , Toys Other consumption 2, , Other 1, , TOTAL 120, , , Source: Studies and Evaluation Department (Secretariat of State for Trade), data from Spanish Customs Department (Tax Agency) y-o-y () 12

16 Geographic breakdown Executive Summary International Trade Report. May 2018 Geographic breakdown - May 2018 EXPORTS IMPORTS BALANCE Million share y-o-y () Million share y-o-y () Million y-o-y () EUROPE 18, , , EUROPEAN UNION * 16, , , 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, , ,673.4 NORTH AMERICA 1, , Canada USA 1, , LATIN AMERICA 1, , Argentina Brazil Chile ,425.6 Mexico Peru REST OF AMERICA ASIA 2, , , ASIA (exc. Middle East) 1, , , China , , Hong-Kong. China India Indonesia Japan Singapore South Korea Taiwan Vietnam MIDDLE EAST Saudi Arabia United Arab Emirates AFRICA 1, , Algeria Egypt Morocco Nigeria South Africa OCEANIA Australia OTHER (**) , WORLD 25, , , Pro memoria: TOTAL NON EU 8, , , TOTAL NON EURO AREA 12, , , OECD 19, , ASEAN MERCOSUR OPEC , , Source: Studies and Evaluation Dept. (Sec.of State for Trade), data from Spanish Customs Dept. (Tax Agency). ** Mainly provisioning outside 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. May 2018 Geographic breakdown - January to May 2018 EXPORTS IMPORTS BALANCE Million share y-o-y () Million share y-o-y () Million y-o-y () EUROPE 87, , , EUROPEAN UNION * 80, , , EURO AREA 62, , , Austria 1, Belgium 3, , Cyprus Estonia Finland France 18, , , Germany 13, , , Greece 1, Ireland , Italy 9, , , Latvia Lithuania Luxembourg Malta Netherlands 4, , , Portugal 8, , , Slovakia Slovenia REST OF EU 17, , , Bulgaria Croatia Czech Republic 1, , Denmark ,254.4 Hungary , Poland 2, , Romania Sweden 1, , ,044.4 United Kingdom 8, , , REST OF EUROPE 6, , Norway Russia , Switzerland 1, , Turkey 2, , AMERICA 12, , , NORTH AMERICA 5, , Canada USA 5, , LATIN AMERICA 6, , Argentina Brazil 1, , , Chile Mexico 1, , ,240.7 Peru REST OF AMERICA ASIA 10, , , ASIA (exc. Middle East) 7, , , China 2, , , Hong-Kong. China India , , Indonesia Japan 1, , Singapore South Korea , Taiwan Vietnam , MIDDLE EAST 3, , Saudi Arabia 1, , United Arab Emirates AFRICA 7, , , Algeria 1, , Egypt Morocco 3, , Nigeria , , South Africa OCEANIA Australia OTHER (**) 1, , WORLD 120, , , Pro memoria: TOTAL NON EU 39, , , TOTAL NON EURO AREA 57, , , OECD 92, , , ASEAN 1, , , MERCOSUR 1, , OPEC 4, , , Source: Studies and Evaluation Dept. (Sec.of State for Trade), data from Spanish Customs Dept. (Tax Agency). ** Mainly provisioning outside 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 ay Last 12 Jan-M ay M ay Last 12 Jan-M ay 2018 months months 2018 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: Studies and Evaluation Department (Secretariat of State for Trade), from provisional national data in local currency (except China in USD and EU in EUR). n.a.: not available when this report was prepared 15

Executive Summary International Trade Report. December 2018 MINISTRY OF INDUSTRY,TRADE AND TOURISM GOVERNMENT OF SPAIN

Executive Summary International Trade Report December 2018 GOVERNMENT OF SPAIN MINISTRY OF INDUSTRY,TRADE AND TOURISM Report prepared by the Deputy Directorate-General for Studies andtrade Policy Evaluation.