The latest Foreign Trade Report published by the Secretary of State for Trade includes a thousand data on imports and exports recorded by Spain in the first seven months of the year (January-July). Among them, the energy bill stands out: 26,261 million euros has been sent by Spain to foreign powers -Nigeria, Iran, Saudi Arabia- to acquire from them the gas and oil with which our country moves (we also import coal, from Colombia, Indonesia). Spain spends five million euros… per hour on energy products.
Spain’s energy dependence, which continues to be well above the European average (20 points above)*, has once again left several worrying numbers in the import-export box. According to the latest Foreign Trade Report published by the Secretary of State for Trade, Spain has spent up to 26,261 million euros on energy products (oil, gas, coal and electricity) between January and July, a period during which the energy deficit (the difference between what we import – a lot – and what we export, much less), although it has fallen this year compared to last year, has reached 13,963 million euros (M€).
Many numbers and very disparate contains this latest Foreign Trade Report. Perhaps the most forceful is that of the 14.000 million euros that Spain has registered as energy deficit January-July 2019, a worrying figure that can only be fought with indigenous energy sources, ie with energy (wind, hydro, solar) that does not have to import; This is even more worrying, given the crisis -the nth- that the Persian Gulf is once again experiencing, where the United States and Iran are following the fuss now under the pretext of the conflict between the impoverished Yemen and the uberimal Saudi Arabia, owner of the world’s largest oil refinery -Abqaiq-, bombarded by several drones just a few days ago.
In any case, beyond oil (and the formidable, chronic energy deficit that our country suffers), the Secretary of State for Trade highlights in its report that Spanish exports have increased by 2% between January and July compared to the same period last year, reaching in these first seven months of 2019 172,695 million euros, “historical maximum of the series for the accumulated in this period. This is a maximum that can be qualified (and very much so), however, since the fact is that the growth of Spanish exports between January and July has been lower (+2%) than in France (+4.6%), Italy (+3.2%), the European Union (+3.1%) and the Euro Zone (+2.8%).
Back to deficit, here is a last statistic to compare
The Energy Balance January-July 2019 has been frankly negative, as we said: 13,963 million euros of deficit, because we have imported many more energy products than we have exported. An enormous deficit in absolute terms, but which is even more formidable if we compare it with the Non-Energetic Balance January-July 2019 (the balance of imports-exports which computes all imports and all exports of non-energy products: capital goods, raw materials, automobiles, chemical products, food, etc., etc.). And there, our dependence is infinitely less: 3,362 million euros of deficit.