Despite the improvement in domestic consumption, imports decreased by 0.4% in 2016 to 273,284 million euros. And that decline is mainly explained by the price of oil and gas, which despite the rebound in recent months has provided savings in energy products of 8,880 million compared to 2015 and 24,904 million compared to the energy bill of 2014. Spain has always been deficient in the trade of goods, but it compensates it with sales of services and, above all, tourism. In fact, until October 2016, the current account recorded a surplus of 15.6 billion, 65% higher than in October 2015, driven, among other factors, by the good performance of the tourism sector and the low price of oil.
By sectors, exports of capital goods stood at 20% in 2016, accounting for 20% of the total and growing 2.5%; The car, with 17.7% of the total registered an increase of 5.9%, and the heading of food, beverages and tobacco, with 16.9% added 6.2% more.
By geographical area, trade with the euro area grew by 4.4% in 2016 and represents 51.8% of the total. Sales to the rest of the EU rose by 2.9% and constitute 14.5% of the total. However, the poor economic situation in emerging countries explains that exports to third countries fell by 2.6% last year. 9.1% fell to Latin America and 4.8% to the Middle East. Only sales to Asia and North America, were saved, which increased by 3% and 0.3% respectively.
By communities, Catalonia is the one that exports the most in 2016 with 65,141 million and an increase of 2%, but it has a deficit trade balance with the outside of 12,683 million. At a certain distance, Valencia is the second most sold outside with 28,679 million, and also has a positive trade balance of 4.801 million, although in 2016 its exports have only advanced by 0.4%. Madrid occupies the third place with 28,315 million in exports, but it suffers a negative balance of 29.353 million. In 2016, Castilla y León (+ 8.7%) increased its exports the most; Castilla-La Mancha (+ 7.7%) and Galicia (+ 6.4%).
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Source: http://economia.elpais.com/economia/2017/02/20/actualidad/1487587129_677591.html
