MADRID, 21 Sep. (EUROPA PRESS) -

The trade deficit stood at 21,323 million in the first seven months of the year, which represents a decrease of 44.65% compared to the deficit of 38,524 million registered in the same period of 2022, according to the monthly Foreign Trade report of July 2023 from the Secretary of State for Commerce with data on declared trade from Customs.

The coverage rate - ratio between exports and imports - increased to 91.5% (85.3% in January-July 2022, according to provisional data).

This decrease responds to the historical maximum reached by Spanish merchandise exports, which increased by 3.3% year-on-year in the January-July period and reached 230,397 million euros, while imports fell by 3.7%, to 251,720 million euros.

The non-energy deficit was reduced by 73.2%, to 1,999 million euros, compared to the deficit of 7,478 million euros accumulated until July 2022, while the energy deficit fell by 37.7%, to 19,324 million euros, from the deficit of 31,045 million in the same period of 2022.

The main positive contributions to the annual variation rate of exports from January to July 2023 came from the automotive sector (contribution of 3.3 points), capital goods (contribution of 2.3 points), food, beverages and tobacco (contribution of 1.1 points) and chemicals (contribution of 0.3 points).

"The automobile sector, the capital goods sector and the food sector have led Spanish exports in these seven months and registered a year-on-year growth of 29.4%, 13.2% and 6.4%, respectively," he explained. the Minister of Industry, Héctor Gómez.

The year-on-year increase in Spanish exports between January and July (3.3%) was higher than that recorded in the EU-27 (1.8%) and the euro zone (1.2%). Also registered in Germany (2.7%) and Italy (2.3%). Outside the EU, sales from the United Kingdom (6.1%), China (1.5%) and Japan (2.6%) also grew, while those from the US fell (-2.0 %).

Exports to the European Union (63.1% of the total) increased by 4.8% year-on-year in the first seven months of the year, while sales to the euro zone (55.2% of the total) grew by 4%. and those destined for the rest of the European Union (7.9% of the total) rose by 10.3%.

Likewise, exports to third destinations (36.9% of the total) increased by 1% in this period, with increases in exports to Latin America (19.6%) and Oceania (11.8%).

The autonomous communities with the greatest growth in their exports were Castilla y León, Catalonia and La Rioja.

EXPORTS FALL IN JULY

In the month of July, Spanish merchandise exports decreased by 5% year-on-year, to 30,446 million euros, while imports also decreased by 8.4%, to 35,348 million euros.

As a result, in July 2023 the deficit was reduced to 4,903 million euros, compared to the deficit of 6,561 million in the same month of 2022.