2010.07.2009:18:00UTC+00Spanish Exports Surge In May

Spanish exports growth more-than-doubled in May compared to the previous month, official data showed Tuesday.

In May, exports climbed 25.7% year-on-year, much faster than the 10.8% rise in April, data from the Ministry of Industry, Tourism and Commerce showed on Tuesday. Exports amounted to EUR 16.21 billion and imports value was EUR 20.38 billion during the month, representing a 26.1% rise annually. In April, imports were up 16.6%.

The trade balance registered a deficit of EUR 4.17 billion, 27.5% more than last year. The deficit widened at a slower pace compared to 37.6% increase in April, when the figure was EUR 5 billion. The energy deficit increased 45.3% from the year before. Meanwhile, exports of chemical products climbed 54.9% year-on-year. Shipments of manufactured consumer products increased 16.1% annually and that of food products rose 7.9%.

As in the case of exports, all segments recorded an increase in imports. Energy product imports rose 39.4% year-on-year and purchases of petroleum and petroleum products grew 50.9%. Imports of gas fell 1.3% on an annual basis. Imports of non-energy products increased 23.5% year-on-year.

In the automotive trade, exports increased 11.3% year-on-year. There was a 30.2% rise in sales of components and 4.1% in finished vehicles. Imports of automotive vehicles grew 5.3% as a 24.3% increase in purchases of components was partially offset by a decline of 10.2% in the purchase of finished vehicles.

Shipments to the European Union, having an export share of 67.4%, increased 22.9% annually in May. Exports to euro area countries increased 23.4%. Exports to countries outside the EU recorded a growth of 32.1% on an annual basis. Imports from the EU, with a total 56.7%, import share increased 19.3% and purchases from euro zone countries rose 10.1%. Imports from countries outside the EU grew 36.3%.

The Spanish economy expanded 0.1% sequentially in the first quarter, growing for the first time since early 2008. However, the country's government foresee 0.3% contraction this year before expanding 1.3% next year.

On July 14, Prime Minister Jose Luis Rodriguez Zapatero said recent budget reduction measures is likely to weigh on growth in the latter half of the year. Spain's socialist government is trying to reduce its huge budget deficit, which is the third biggest in Eurozone.

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