Spain’s exports help narrow deficit in January

Spain's trade deficit narrowed in January as exports surged, the government said on Thursday, a rare glimmer of good news for a nation struggling in a double-dip recession.

Spain's exports help narrow deficit in January
Spain boosted exports especially to markets outside of the European Union. Photo: Juan Antonio Canales

Exports leapt 7.9 percent from a year earlier to €17.88 billion ($23billion) in January while imports rose 5.7 percent to €21.38 billion, largely because of an increase in demand for energy products, the Economy Ministry said.

As a result, the trade deficit narrowed by 4.3 percent to €3.5 billion. 

Spain boosted exports especially to markets outside of the European Union, the ministry said, noting that the EU-bound exports made up 63.5 percent of the total, down from 66 percent a year earlier.

Exports soared by 43.8 percent to Asia, 16.6 percent to Africa and 15.1 percent to Latin America, the government said, noting in particular a rise in exports to emerging markets such as India, up 35.4 percent, China, up 15.2 percent, and Brazil, up 28.5 percent.

In 2012, the eurozone's fourth-largest economy shrank the trade deficit by 33.6 percent as exports grew 3.8 percent and imports to the depressed domestic market fell 2.85 percent.

Member comments

Log in here to leave a comment.
Become a Member to leave a comment.


Today in Austria: A round-up of the latest news on Friday

Find out what's going on today in Austria with The Local's short roundup of the news.

Person getting vaccinated

Extra doses of vaccine to come to Austria

Austria will receive 198,815 additional doses of Biontech Pfizer vaccine doses, after the EU purchased an extra 10 million for member states, Der Standard newspaper reports. Austria had hoped the EU would give it even more extra doses to make up for AstraZeneca delivery problems which means it may fall behind in vaccination this year. 

No Austria-wide lockdown for now, says Kurz

The lockdown in the eastern states of Austria will stay limited to these regions for the time being, Chancellor Kurz  said on Thursday.  He said the country’s intensive care units, showed big differences between regions. States should help each other in the admission of intensive care patients, the Wiener Zeitung newspaper reports. 

Record deficit in Austria 

The pandemic has driven the deficit in Austria  to a record level of 8.9 percent of GDP in 2020. The €33.2 billion missing from the state budget, is the highest deficit since records began in 1954. The national debt ratio also rose in 2020 by 13.4 percent to  83.9 percent of economic output, it reports. Preliminary results from Statistics Austria show government spending rose by 12.6% or €24.4 billion compared to 2019 to a total of €217.4 billion, the Wiener Zeitung newspaper reports. 

Unemployment fell in March

Unemployment fell significantly in March, but is still at a high level. At the end of March, 457,817 people were registered as unemployed or in AMS training, 51,106 fewer than last February and 104,705 fewer than in March 2020. The unemployment rate at the end of March was 9.4%, a decrease of 1.3 percentage points compared to February and 2.9 percentage points compared to March 2020, the Wiener Zietung newspaper reports 

E-moped sharing scheme comes to Vienna

A new e-moped sharing has been available in Vienna since Thursday. The Go Sharing company starts renting its e-mopeds. Initially the fleet will comprise 200 vehicles, by the end of the year 500 of the green-painted mopeds should be on the road, broadcaster ORF reports.