Spanish exports exceed pre-pandemic levels despite Brexit and supply chain | Investment News

MADRID (Reuters) – Exports of Spanish goods soared 21.2% last year to surpass pre-pandemic levels despite global supply chain issues and the impact of Brexit, although the deficit Spain’s trade has almost doubled due to soaring energy prices, customs data showed on Thursday.

Helped by petroleum, food and pharmaceutical products, exports in 2021 reached around 317 billion euros ($360 billion), 9.1% more than in 2019, when world trade was normal before the COVID-19 pandemic.

Overall imports increased by almost 25% to 343 billion euros. Spain’s trade deficit has almost doubled to €26 billion from 2020. Excluding energy products, the trade deficit would stand at just €852 million compared to a surplus of €1.1 billion. in 2020.

Exports to Britain were still 5.4% below 2019 levels and imports of British goods fell 26% after the country left the European Union in January 2021, some border checks failed. not yet implemented.

A senior Commerce Department source told Reuters that the easing of trade tensions between Europe and the United States had also contributed to the recovery of Spanish exports, as well as a lesser dependence on to markets most affected by supply problems such as Asia.

Spain has been one of the countries affected by tariffs imposed in the context of the Airbus dispute between the United States and the EU, and consecutively on taxes imposed on large technology companies.

By type of goods traded, only the automotive sector performed below 2019 levels, with an 8.5% drop in exports and a 19.5% drop in imports, largely due to global fuel shortages. semiconductors which led to the temporary closure of certain factories.

Vaccines against COVID-19 have also helped boost Spanish exports thanks to the country’s pharmaceutical factories producing vials.

In total, 5.5 billion euros of vaccines were imported in 2021 and 4.7 billion euros were exported.

(Reporting by Belen Carreno, Marta Serafinko, editing by Andrei Khalip and Raissa Kasolowsky)

Copyright 2022 Thomson Reuters.

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