Source:Customs

13 SEPTEMBRE 2011


The trade gap moved up to € -6.4 billion in July month-on-month inflated by a surge of imports, +2.9%, of € 41.2 billion while exports edged up +0.3% to € 34.7 billion. The energy bill, +8.4% of € 2.2 billion aggravated the overall deficit and by the same token widened its own trade gap to € -1.3 billion (from € -980 in June).

Exports of agricultural products-fisheries and wood surged +2.1% but the trade balance fell to € 370 million (from € 412 million) as imports increased +7.8%.

Exports of natural hydro products-extractive industries-electricity and waste increased +7.2% to € 982 million but remained dwarfed by imports, a total € 4.8 billion or +0.8% As a result, this sector's trade deficit stagnated at € 3.8 billion.

The manufacturing industry trade deficit jumped to € -4.3 billion (from € -3.3 billion in June) as imports rebounded +3.3% to € 35.9 billion while exports rose +0.4% to €31.6 billion. The Food and Agriculture Industry trade balance picked up to € 531 million (from €436 million in June) as exports stepped up +4.3% and imports +1.6%.

Mechanical equipment-electric and electronic component and IT products exports turned positive to +4.7% and imports +2.3% allowing for the trade gap to rescind to € -1.8 billion  (from € -1.9 billion in June).

Exports of transport equipment contracted further -4.9% to €6.5 billion while imports jumped + 14.5% to € 6.3 billion taking the trade balance to fall to € 232 million (from € 1.3 billion in June).

Other industrial products trade balance moved down to €-2.1 billion (from €-2.4 billion last month) although exports rose +1.1% while imports dipped -0.8%. With the exception of pharmaceutical products, for which exports fell -6.3%, other exports climbed back: textile-clothing-leather and footwear +1.4%, wood-paper-cardboard +1.3%, chemical-perfumes and cosmetics +2.7%, metal-metallic products +3.8% and miscellaneous products +0.7%. Consequently their respective trade gaps bettered except for rubber-plastic and miscellaneous mineral products as imports rose +1.4% while exports decreased by a notch.

Per region, exports to the European Union, the country's first export market  fell -1.8% and to the Euro area -1% reflecting the region's slow down since April due to uncertainties brought about debt and default concerns. Out of main trading partners, exports to Germany declined -2.5% (imports rose+9.3%), but rose to Italy +3.6% (imports fell -0.8%). Exports to Spain moved down to +0.3% (from +3.4%) and to the UK to +0.1%. Imports from Spain grew +1.2% and from the UK fell -0.4%.