The trade deficit accumulated between January and November 2020 reached 12,349 million euros, which means reducing to less than half that registered in the same period of the previous year. Specifically, the decrease is 58.7%. This is due to the fact that although merchandise exports reached 238,414 million euros, which represents a year-on-year fall of 10.9%, imports fell more, 15.7%, to 250,763 million euros. With this, the coverage rate, that is, the ratio between exports and imports, stood at 95.1%, more than five points above the figure for the same period in 2019, when it stood at 90%.
Without taking energy into account, the Spanish trade balance accumulated a surplus of 1,179.1 million euros, compared to a deficit of more than 8,600 million that was recorded in the first eleven months of last year. And the exclusively energy deficit fell 36.4% from one year to another from 21,283.2 million to 13,528 million.
As detailed by the Minister of Industry, Commerce and Tourism, the main positive contributions of exports from January to November were made by the food, beverages and tobacco and other merchandise sectors. While the negative contributions corresponded to the sectors of energy products, capital goods, the automobile and consumer manufacturing.
By geographical area, exports to the European Union (60.7% of the total) fell by 8.3% in the first eleven months of the year, while sales to third destinations fell by 14.5%.
Specifically, in the month of November, exports totaled 24,371 million euros, which represents a fall that has been limited to 1.3%. Imports, however, continued to fall at a faster rate, by 5.9%, to 25,324 million. Hence, the deficit for the month of November did not reach 600 million euros, which represents a reduction of 68.2% compared to the same month last year.
The Secretary of State for Commerce, Xiana Méndez, values: “We are still in a difficult moment of great uncertainty caused by the evolution of the pandemic. However, in November exports remained stable and reached a level close to the same period in 2019. In addition, some important sectors continue to perform well in recent months, such as food, automotive and chemicals.
On the other hand, the industry’s overall turnover index fell 0.5% in November compared to a month earlier. This decline contrasts with the 3.5% increase registered in October. November is also the first decline in the industry’s turnover since May. In the interannual rate, the decrease is estimated at 2.4%, compared to the 8.8% drop registered a month earlier. In addition, it represents an improvement of 38 points compared to the collapse suffered in April, when the almost total paralysis of economic activity led to a fall of more than 40%.