The World Today
MADRID, 18 (EUROPA PRESS)
The Exporters and Investors Club emphasized this Monday that the Trump administration's tariff war has had no global impact on Spain's foreign trade in the first half of the year, although bilateral trade with the United States has deteriorated.
Data published this Monday by the Ministry of Economy, Trade and Business show that Spain's trade deficit in its goods balance has increased by 58%, from €15.82 billion in the January-June 2024 period to €25.11 billion in the same period this year.
The increase in the trade deficit was due to an increase in imports from Spain, which grew by 5.4% in the first half of the year, reaching 222,263.6 million euros.
Exports, meanwhile, also increased, although not by the same amount, reaching €197.15 billion , a 1% increase compared to January-June of the previous year.
For the Exporters Club, this may indicate that foreign sales have not been globally affected by the tariff war declared by the Trump administration, although its effects have been felt in bilateral relations with the United States.
Specifically, the data show that while Spanish exports to the United States have fallen by 5.1%, purchases from Spain to the United States have grown by 10.1%. "The chronic deficit we have been experiencing with this country has worsened," the Exporters Club warned.
By region, in addition to the figures mentioned for the United States, the data reflecting Spain's increased imports of goods, particularly from Asia (11.2% growth in the first half of the year), particularly from China, with purchases from that country increasing by 16.4%. This increase is not fully offset by the equally significant growth in exports to the Asian giant, which increased by 13.7% in the first half of the year.
It is worth noting that of Spain's total trade deficit in goods (the aforementioned 25.1127 billion), 20.2076 billion were generated by trade with China, in the January-June period alone.
However, Europe remains the continent that receives 74.2% of foreign sales, both to EU members and to non-EU countries, such as the United Kingdom, Norway, and Switzerland.
