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

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

2 Report prepared by the Deputy Directorate-General for Studies andtrade Policy Evaluation. 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 (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 October 2018

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5 AUGUST 2018 In August 2018, Spain s exports advanced by 7.7 year-on-year in nominal terms to 20,714.8 million euros, and imports augmented by 5.8 to 23,772.1 million euros. With seasonally adjusted data, exports grew by 7.5 year-on-year, and imports by 5.9. In real terms, exports expanded by 3.0 year-on-year, as export prices increased by 4.5, while imports declined by 0.5, as import prices advanced by 6.3. In nominal terms on a month-on-month basis, exports decreased by 14.9, and imports fell by With seasonally adjusted data, exports expanded by 4.1 month-on-month, while imports diminished by 1.8. 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 3,057.3 million euros, down from a deficit of 0 3,226.7 million euros in August 2017 (provisional 110 data). The export/import coverage ratio reached 87.1, 1.5 percentage points higher than in the same month of 2017 (85.6 in August 2017 with -2, provisional data). The non-energy trade balance reached a deficit of million euros, from a -4, deficit of million in the same month of The energy trade deficit rose by 59.0 year-on-year to 2,255.2 million euros (compared to a deficit of 1,418.1 million euros in August 2017). -6,000-8,000 Trade Balance Coverage ratio Sectoral data Spain s main exporting sectors in August 2018 were capital (representing 19.0 of total exports and diminishing by 3.9 year-on-year), food, beverages and tobacco (16.6 of total, rising by 6.9), chemical products (14.4 of total, expanding by 7.0) and semi-manufactures (non-chemical) (12.0 of total, surging by 22.2). 2

6 Exports ( of total) Imports ( of total) Vehicles Durable Capital Consumption Other 1.6 AUGUST Food, beverages and tobacco Energy Raw Materials Semi-manuf. (non-chem.) Vehicles Durable Capital 8.0 Consumption Other 14.5 AUGUST Food, beverages and tobacco Energy Raw Materials Semi-manuf. (non-chem.) Chemical products AUGUST 2018 Chemical products AUGUST 2018 The most significant sectors of Spain s imports were capital (representing 18.9 of total imports and declining by 7.4 year-on-year), energy (18.5 of total, surging by 44.6), chemical products (15.1 of total, growing by 11.8) and consumption (14.1 of total, advancing by 3.2). Among subsectors, the largest contributions to the annual change in Spain s exports in August 2018 (up by 7.7) came from oil and by-products (2.5 points), iron and steel (2.1 points) and fruits, vegetables and legumes (0.9 points). The major negative contributions corresponded to engines (-1.4 points), road transport equipment (- points) and precision equipment (- points). Exports (top/bottom contrib. to annual change, p.p.) Imports (top/bottom contrib. to annual change, p.p.) oil and by-products 2.5 oil and by-products 5.9 iron and steel 2.1 organic chemical products 0.6 fruits, vegetables and legumes 0.9 other chemical products 0.5 aircraft 0.8 non-ferrous metals cars and motorcycles specific purpose equipment other consumption automotive parts and accessories other chemical products medicines organic chemical products general purpose equipment general purpose equipment telecommunication equipment coal and electricity coal and electricity gas tobacco other durable consumer electronics office equipment tanning or dyeing extracts telecommunication equipment gas non-ferrous metals - minerals - specific purpose equipment - office equipment - minerals - other food products -0.8 precision equipment - engines -0.8 road transport equipment - cars and motorcycles -0.9 engines -1.4 aircraft -1.5 The subsectors with the most positive contribution to the annual change in Spain s imports in August 2018 (up by 5.8) were oil and by-products (5.9 points), organic chemical products (0.6 points) and other chemical products (0.5 points). The major negative contributions corresponded to aircraft (-1.5 points), cars and motorcycles (-0.9 points) and engines (-0.8 points). 3

7 Geographic data Exports to the European Union accounted for 62.6 of total exports in August 2018 (up from 61.8 in August 2017) and increased by 9.0 year-on-year. Exports to the euro area ran at 48.5 (up from 48.2 in August 2017) and augmented by 8.2. Exports to non-eu countries represented 37.4 of total exports (down from 38.2 in August 2017) as they advanced by 5.5 year-on-year. Exports ( of total) Imports ( of total) America Asia Oceania Other Africa AUGUST Euro area Asia 24.5 Oceania Other Africa AUGUST Euro area Rest of Europe 5.6 Rest of EU AUGUST 2018 America Rest of Europe 9.6 Rest of EU AUGUST 2018 Imports from the European Union amounted to 48.7 of total imports in August 2018 (down from 5 in August 2017) and went up by 3.2 year-on-year. Imports from the euro area represented 39.1 (down from 4 in August 2017) and expanded by 2.7. Imports from non-eu countries accounted for 51.3 of total imports in August 2018 (up from 5 in August 2017) as they grew by 8.5 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 August 2018 a surplus of 1,386.1 million euros (up from a surplus of million in August 2017) and a surplus of million euros with the euro area (214.1 million surplus in August 2017). Trade deficit with the rest of the world increased to 4,443.3 million euros (from a deficit of 3,893.3 million euros in August 2017). 4

8 The destinations with the largest contributions to the annual change in Spain s exports in August 2018 (up by 7.7) were Italy (1.6 percentage points), Portugal (1.1 points), the United Kingdom (0.9 points) and France (0.8 points). Those destinations with the largest negative contributions were Australia (-0.8 points), Morocco (-0.5 points), Germany (-0.5 points) and Turkey (- points). Exports (top/bottom contrib. to annual change, p.p.) Imports (top/bottom contrib. to annual change, p.p.) Italy Portugal UK France Singapore Gibraltar Netherlands Algeria Belgium Canada Angola Nigeria Brazil Peru Malta Bulgaria Turkey Germany Morocco Australia Italy Iran Kazakhstan Nigeria UK Algeria Switzerland China Iraq Canada Morocco Paraguay Gabon Bulgaria Qatar Norway Peru Venezuela Germany USA Regarding imports, the countries with the largest contributions to the annual change in Spain s imports in August 2018 (up by 5.8) were Italy (1.1 percentage points), Iran (0.8 points), Kazakhstan (0.8 points) and Nigeria (0.8 points). The destinations with the largest negative contributions were the United States (-1.5 points), Germany (-0.7 points), Venezuela (- points) and Peru (- points). International data In comparison to other geographical areas, Spain s exports of advanced by 7.7 year-on-year in August, a higher increase than those of the euro area (5.4) and the European Union (6.3). Within the European Union, exports also augmented in Germany (2.2), France (3.1), Italy (5.1) and the United Kingdom (2). Outside the European Union, the United States exports expanded by 8.1, China s by 9.1 and Japan s by

9 JANUARY AUGUST 2018 Spain s exports increased by 4.2 in the period of January-August 2018 compared to the same period of 2017 to 189,986.1 million euros, and imports advanced by 6.1 year-on-year to 210,876.3 million euros. In real terms, exports rose by 1.2 year-on-year, as export prices expanded by 3.0, and imports grew by 2.3 year-on-year, as import prices augmented by 3.7. Spain s trade deficit increased to 20,89 million euros compared to the same period of 2017 (deficit of 16,413.8 million euros). The export/import coverage ratio reached 90.1, 1.6 percentage points lower than in the same period of 2017 (91.7, provisional data). The non-energy trade balance reached a deficit of 4,164.1 million euros, compared to a deficit of 1,721.0 million euros in January-August 2017, and the energy trade deficit expanded by 13.8 year-on-year to 16,726.1 million euros. Sectoral data Spain s main exporting sectors in the period of January-August were capital (representing 19.6 of total exports, growing by 1.0 year-on-year), food, beverages and tobacco (16.3 of total, increasing by 0.5), vehicles (16.0 of total, rising by 2.2) and chemical products (14.3 of total, advancing by 4.5). Vehicles Consumption Durable Capital 1.5 Exports ( of total) Other 1.4 JAN-AUG Food, beverages and tobacco Chemical products Energy Raw materials Semi-manuf. (non-chem.) JAN-AUG 2018 Vehicles Consumption Durable 11.4 Capital Imports ( of total) Other JAN-AUG Food, beverages and tobacco Chemical products Energy Raw materials Semi-manuf. (non-chem.) JAN-AUG 2018 The largest shares by sector of Spain s imports were those of capital (representing 20.5 of total and expanding by 1.9 year-on-year), chemical products (15.3 of total imports, increasing by 8.0), energy (14.8 of total imports, surging by 15.8) and vehicles (12.9 of total imports, rising by 6.0). Among subsectors, the largest contributions to the annual change in Spain s exports (up by 4.2) were oil and by-products (1.2 percentage points), electrical machinery (0.6 points) and iron and steel (0.5 points). On the other hand, the major negative contributions by subsectors corresponded to engines (-0.5 points), oils and fats (- points) and medicines (- points). 6

10 Exports (top/bottom contrib. to annual change, p.p.) oil and by-products 1.2 electrical machinery 0.6 iron and steel 0.5 minerals automotive parts and accessories organic chemical products other semi-manufactures plastics essential and perfume oils garment 0.1 tobacco telecommunication equipment office equipment railway transport equipment coal and electricity precision equipment ships medicines - oils and fats - engines -0.5 Imports (top/bottom contrib. to annual change, p.p.) oil and by-products 2.2 cars and motorcycles 0.5 minerals 0.5 iron and steel organic chemical products other chemical products plastics electrical machinery specific purpose equipment telecommunication equipment beverages toys other durable animals and vegetables oils and fats coal and electricity sugars, coffee and cocoa ships - engines - aircraft - The subsectors with the most positive contributions to the annual change in Spain s imports in January-August 2018 (up by 6.1) were oil and by-products (2.2 points), cars and motorcycles (0.5 points) and minerals (0.5 points). The major negative contributions corresponded to aircraft (- points), engines (- points) and ships (- points). Geographic data Exports to the European Union represented 65.7 of total exports in the period (equal value as in the same period of 2017) and grew by 4.2 year-on-year, and exports to the euro area ran at 51.5 of total (remaining stable) and went up by 4.3. Exports to the rest of the world amounted to 34.3 of total exports (same value as in January-August 2017) and expanded by 4.2 year-on-year. Exports ( of total) Imports ( of total) Asia Oceania Africa Other Oceania Africa Other America Rest of Europe Rest of EU JAN-AUG Euro area JAN-AUG 2018 Asia America Rest of Europe JAN-AUG Rest of EU Euro area JAN-AUG 2018 Imports from the European Union accounted for 53.8 of total imports in January-August 2018 (down from 54.4 in the same period of 2017) and increased by 4.9 year-on-year. Imports from the euro area 7

11 amounted to 43.5 (44.0 in the same period of 2017) and grew by 5.0. Imports from the rest of the world ran at 46.2 of total (45.6 in the same period of 2017) and advanced by 7.5 year-on-year. Spain s trade surplus with the European Union and with the euro area decreased to 11,332.2 million euros and to 6,095.3 million euros respectively, down from surpluses of 11,639.8 million and 6,486.3 million euros in the same period of the previous year. The trade deficit with the rest of the world advanced by 14.9 year-on-year to 32,222.4 million euros. In terms of contribution to the annual change of exports (up by 4.2), the main contributions were those of France (0.6 percentage points), Portugal (0.6 points), Italy ( points) and Germany ( points). Those destinations with the largest negative contributions were the United Arab Emirates ( points), Angola ( points), Malaysia ( points) and Peru ( points). Exports (top/bottom contrib. to annual change, p.p.) Imports (top/bottom contrib. to annual change, p.p.) France Portugal Italy Germany Algeria Gibraltar Netherlands USA Morocco Belgium Canada Luxembourg Ethiopia Hong Kong Jordan Senegal Peru Malaysia Angola UAE France Germany Libya Iran Italy Saudi Arabia Switzerland Turkey Brazil Netherlands UK Egypt Ukraine Colombia Belgium Venezuela Ireland 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 6.1) were France (0.8 percentage points), Germany (0.6 points), Libya (0.5 points), and Iran (0.5 points). The destinations with the largest negative contributions were the United States (- points), Norway (- points), South Korea (- points) and Ireland ( points). In the period January-August, the number of Spanish exporters increased to 160,935 exporters, out of which 33,548 had already exported at least 50,000 euros worth of in the period, 1.1 less than in the same period of 2017 with an increase in exports of 4.2. 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 49,708 in the period, 30.9 of total exporters and 2.1 more than in the same period of Their exports reached 181,984.8 million, 95.8 of total exports and 4.8 more than in the same period of International data In comparison to other geographical areas, Spain s exports of grew by 4.2 year-on-year in the period of January-August 2018, a lower rate than those attained by the euro area (5.1) and the European Union (5.2). Within the European Union, exports also increased in Germany (4.2), France (4.5), Italy (4.3) and the United Kingdom (6.6). Outside the European Union, the United States exports advanced by 9.4, China s by 11.4 and Japan s by

12 12 - MONTH ACCUMULATED FLOWS 300, , , , ,000 50, ,000 M 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 J J A Imports Exports Trade Balance Coverage ratio (right axis) 300, , , , , ,000 M 200,000 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 J J A 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 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 J J A 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 , , , , , , , , , , , , , , , , , , , , , , , , * 277, , , last months* 284, , , (Jan-Aug) 103, , , (Jan-Aug) 120, , , (Jan-Aug) 142, , , (Jan-Aug) 149, , , (Jan-Aug) 158, , , (Jan-Aug) 158, , , (Jan-Aug) 165, , , (Jan-Aug) 168, , , (Jan-Aug)* 182, , , (Jan-Aug)* 189, , , (Aug) 10, , , (Aug) 12, , , (Aug) 14, , , (Aug) 16, , , (Aug) 16, , , (Aug) 15, , , (Aug) 15, , , (Aug) 17, , , , (Aug)* 19, , , (Aug)* 20, , , * January 22, , , February 22, , , March 25, , Q1 71, , , April 23, , , May 25, , , June 24, , , Q2 73, , , July 24, , , August 20, , , * 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. August 2018 Sector breakdown - August 2018 Million EXPORTS IMPORTS BALANCE share y-o-y () Million share y-o-y () Million 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 2, , , Oil and by-products 2, , , 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 2, , Organic chemicals Inorganic chemicals Medicines , Plastics Fertilisers Tanning or dyeing extracts Essential oils and perfumes Other chemical products n.e.s Capital 3, , Equipment for industry 1, , Specific purpose machinery General purpose machinery Office and telecom. equipment Automatic data-processing machines Telecommunications equipment Transport equipment ,128.5 Railway Road Ships Aircraft Other capital 1, , Engines Electrical machinery Precision equipment Other Vehicles 2, , Cars and motorcycles 1, Parts and accessories Durable Household appliances Consumer electronics Furniture Other durable Consumption 2, , Textiles 1, , Garment 1, , Footwear Toys Other consumption Other TOTAL 20, , , 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. August 2018 Sector breakdown - January to August 2018 Million EXPORTS IMPORTS BALANCE share y-o-y () Million share y-o-y () Million y-o-y () Food, beverages and tobacco 30, , , Meat products 4, , , Fishery products 2, , , Fruits, vegetables and legumes 11, , , Oils and fats 2, , , Sugars, coffee and cocoa 1, , Dairy products and eggs 1, , Other food products 3, , , Beverages 2, , , Tobacco , Energy 14, , , Oil and by-products 13, , , Gas , , Coal and electricity , , Raw materials 5, , , Animals and vegetables 1, , Minerals 3, , , Semi-manuf. (non-chem.) 20, , , Non-ferrous metals 4, , Iron and steel 5, , Paper 2, , ,592.4 Ceramic flags and paving 2, , Other semi-manufactures 4, , , Chemical products 27, , , Organic chemicals 2, , , Inorganic chemicals , Medicines 6, , , Plastics 7, , Fertilisers Tanning or dyeing extracts 1, , Essential oils and perfumes 3, , Other chemical products n.e.s. 3, , ,290.5 Capital 37, , , Equipment for industry 9, , , Specific purpose machinery 3, , ,623.6 General purpose machinery 6, , , Office and telecom. equipment 1, , , Automatic data-processing machines , , Telecommunications equipment 1, , , Transport equipment 9, , , Railway Road 4, , , Ships Aircraft 3, , ,595.1 Other capital 16, , , Engines 1, , Electrical machinery 8, , Precision equipment 1, , , Other 5, , , Vehicles 30, , , Cars and motorcycles 21, , , Parts and accessories 9, , , Durable 2, , , Household appliances , Consumer electronics , Furniture 1, , Other durable Consumption 18, , , Textiles 11, , , Garment 8, , , Footwear 2, , Toys , Other consumption 4, , , Other 2, , TOTAL 189, , , Source: Studies and Evaluation Department (Secretariat of State for Trade), data from Spanish Customs Department (Tax Agency) 12

16 Geographic breakdown Executive Summary International Trade Report. August 2018 Geographic breakdown - August 2018 EXPORTS IMPORTS BALANCE Million share y-o-y () Million share y-o-y () Million y-o-y () EUROPE 14, , , EUROPEAN UNION * 12, , , EURO AREA 10, , Austria Belgium Cyprus Estonia Finland France 2, , Germany 2, , Greece Ireland Italy 1, , Latvia Lithuania Luxembourg Malta Netherlands Portugal 1, Slovakia Slovenia REST OF EU 2, , 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 LATIN AMERICA 1, , Argentina Brazil Chile Mexico Peru REST OF AMERICA ,266.6 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 20, , , Pro memoria: TOTAL NON EU 7, , , TOTAL NON EURO AREA 10, , , OECD 15, , ,559.8 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. August 2018 Geographic breakdown - January to August 2018 EXPORTS IMPORTS BALANCE Million share y-o-y () Million share y-o-y () Million y-o-y () EUROPE 135, , , EUROPEAN UNION * 124, , , EURO AREA 97, , , Austria 1, , Belgium 5, , Cyprus Estonia Finland France 28, , , Germany 20, , , Greece 1, , Ireland 1, , Italy 15, , , Latvia Lithuania Luxembourg Malta Netherlands 6, , , Portugal 13, , , Slovakia , Slovenia REST OF EU 26, , , Bulgaria 1, Croatia Czech Republic 1, , , Denmark 1, , Hungary 1, , Poland 3, , Romania 1, , Sweden 1, , ,322.5 United Kingdom 12, , , REST OF EUROPE 11, , , Norway , Russia 1, , Switzerland 2, , Turkey 3, , , AMERICA 20, , , NORTH AMERICA 9, , Canada 1, , USA 8, , LATIN AMERICA 10, , , Argentina , Brazil 1, , , Chile 1, , Mexico 3, , Peru , REST OF AMERICA ,765.2 ASIA 17, , , ASIA (exc. Middle East) 11, , , China 4, , , Hong-Kong. China India , , Indonesia , , Japan 1, , , Singapore South Korea 1, , Taiwan Vietnam , , MIDDLE EAST 5, , , ,521.9 Saudi Arabia 1, , , United Arab Emirates 1, AFRICA 12, , , Algeria 2, , Egypt Morocco 5, , Nigeria , , South Africa OCEANIA 1, Australia 1, OTHER (**) 3, , , WORLD 189, , , Pro memoria: TOTAL NON EU 65, , , TOTAL NON EURO AREA 92, , , OECD 145, , , ASEAN 2, , , MERCOSUR 2, , , OPEC 7, , , 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 August Last 12 Jan-August August Last 12 Jan-August 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

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