Tuesday, August 16, 2022

Andalusia already exceeds pre-pandemic figures in exports

October 30, 2021
Andalusia already exceeds pre-pandemic figures in exports

Exports from Andalusia recorded a 39% growth in August, the highest ever for an August month, reaching 2,391 million euros, which is the second-best figure in the historical series (1995) for this month. These data provided by Extenda consolidate the reactivation of Andalusia’s foreign trade throughout this year, which has already accumulated sales of 22,093 million in the first eight months, surpassing even the figures recorded before the pandemic (21,833 million in January-August 2019) and reaching a growth of 20.2% over January-August 2020.

With the strong rise of 39% in August, which is 13.9 points higher than the average for Spain (+25.1%), the Andalusian foreign sector has achieved a full six months of growth of over 20% and has largely overcome the 26.9% drop in sales in August 2020, the fifth month of the COVID-19 pandemic in Spain.

Imports also increased and amounted to 20,182 million in the first eight months of the year, 23.9% more, resulting in a positive balance of Andalusia’s trade balance with the outside world of 1,912 million, with a coverage rate of 109%. This sustained surplus contrasts with Spain’s deficit of 10,871 million, with a coverage rate of 95%, due to the difference between imports of 212,497 million, up 21.6%, and exports of 201,626 million, up 22% year-on-year.

It also reached nine of Andalusia’s top ten foreign markets, both in Europe and, to a greater extent, in America, Asia, and Africa, three continental destinations that grew by more than 20%, contributing decisively to the geographical diversification of exports. The reactivation is also reflected in eight of Andalusia’s top ten export chapters, especially in the industrial suppliers that suffered the most in 2020, such as copper, chemical products, and foundry, as well as energy.

Global industrial demand continues to grow and this is reflected in the sales of other chemical products, which is once again the highest of the top ten, with sales more than doubling (+127%), and is in sixth place with 967 million in the first eight months of the year, 4.4% of the total. Likewise, fuels and mineral oils continue to rise, the first exported chapter, which increased by 63% to 3,214 million and accumulated 14.6% of the total bill; and minerals, in seventh place with an increase of 47% to 949 million, 4.3%.

Exports of cast iron, iron, and steel also grew in this period, in ninth place, up 34% year-on-year to 807 million (3.7%); and copper and its manufactures, which, in fifth place, rose by 26.7% to 976 million (4.4%).

Andalusia’s export sector is reactivating not only towards its natural market, Europe, where it is growing by 17.6% to 15,143 million but even more so in the continental destinations that provide diversification to the foreign sector: America, with 31.6% more exports, to 2,311 million; Asia, with 23.5% more, to 2,238 million; and Africa, with 22% more, to 1,689 million. In this sense, Andalusian exports recorded significant growth in nine of its top ten world markets, gaining ground and diversification in strategic non-EU destinations such as the United States, China, and Morocco.