Galician exports fell by almost 10% in February, and imports by 20%

The export of Galician products amounted to 2.171 million euros in the month of Februarywhich is 9.9% less than in the same month of 2022, while imports fell by 20.6%, to 1,654 million euros.

According to data from Ministry of Industry, Trade and TourismAccording to Europa Press, the commercial balance of Galicia was positive in the second month of the year, with 517 million euros.

So far this year (January and February), Galicia has exported products worth 4.299 million euros, 3.6 percent less, and imported 3.487 million, 15.4 percent less. Thus, the balance remains positive and amounts to 811 million euros.

In the report, il Galician Institute of Statistics (IGE) explain what the products with the biggest negative impact on exports in February are motor vehiclestractors, which with a weight of 24.9% of Galicia’s total exports fell by 30.5% compared to last year.

As far as imports are concerned, cars also had the biggest impact, which made up 10.1 percent of the total and recorded a drop of 62.3 percent.

national balance

At the national level, the goods deficit in the first two months of this year amounted to EUR 6420.6 millionwhich represents a drop of 40.4 percent compared to the same period in 2022, according to data from the Ministry.

The foreign trade report for February reflects that energy deficit in the first two months of this year, it fell to EUR 5,894.1 million, compared to EUR 6,984.5 million in the same period last year, while the non-energy balance showed a deficit of EUR 526.5 million, less than EUR 3,790.2 million in 2022 . years.

Spain’s merchandise exports rose by 12.8% in the year to February compared to the same period in 2022, reaching €63,751.1 million, a record for the period. For their part, imports grew by 4.3%, to 70,171.7 million euros, which is also an all-time record.

In terms of volume, exports fell by 0.5% year-on-year, as their approximate prices according to unit value indices rose by 13.3%, and imports fell by 3.3% year-on-year, as their prices rose by 7, 8%

Thus, the coverage rate – the quotient of exports and imports – was 90.9%, i.e. 6.9 percentage points more than that recorded in the period January-February 2022 (84% with provisional data).