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Spanish exports grow by 4.3 pct in 2015

Xinhua, February 18, 2016 Adjust font size:

A rise in exports by 4.3 percent during 2015 allowed Spain to reduce its trade deficit by 1.2 percent in the year, figures indicated on Thursday.

Spain ended the year with a trade deficit of 24,173.9 million euros (about 26,833 million U.S. dollars), 1.2 percent less than 2014 and the second lowest level since 1998, according to figures published by the Spanish Ministry of the Economy and Competitiveness.

This is due to a rise in exports to their highest levels since current records began in 1971, as 2015 saw a 4.3 percent rise in exports to 250,241.3 million euros, while imports rose by 3.7 percent to 274,415.2 million.

The exports of capital goods were the main motor behind these figures, making up 201 percent of the total, while the automobile sector also performed strongly in the export market with a 19.1 percent increase in exports in comparison to 2014, seeing it make up 17 percent of total exports.

A number of 64.8 percent of Spain's exports in 2015 were to countries in the European Union with a 6.4 percent increase which the ministry puts down to "the result of the consolidation of the economic recovery in the region."

The remaining 35.2 percent is exported around the world and Spain saw important increases in exports to Oceania, (8.3 percent), the Americas (7.1 percent) and Asia (5.3 percent) where an 8.8 percent increase in exports to China should be highlighted.

Meanwhile the fall in oil and petroleum costs saw a fall in the energy deficit by 31.5 percent. Endit