Oviedo (EFE).- The Principality of Asturias recorded a deficit of 560.9 million euros between January and November, in contrast to the positive balance of 514.3 million in the same period of 2021, due to higher growth in imports to exports.
According to data published this Thursday by the Ministry of Industry, Tourism and Commerce, exports from the Principality grew by 19.9 percent, to 5,714.3 million euros, while the value of imports, which reflects the impact of rising of energy, shot up 47.5 percent, up to 6,275.2 percent.
Among the sectors with the greatest weight in foreign trade in Asturias, raw materials incurred a deficit of 1,388.9 million euros, while non-chemical semi-invoices and capital goods registered a surplus of 1,893.8 and 504.6 million euros, respectively.
Only in November, Asturian exports doubled (+99.4%), up to 584.1 million euros, while imports increased by 69.6 percent, up to 488.3 million, which translated into a surplus of 95.8 million.
The deficit triples in the country as a whole
In the country as a whole, the increase in the bill associated with energy imports continues to be the main cause of the increase in the trade deficit, which tripled up to November (205% year-on-year) and reached 63,602.9 million euros.
Despite continuing to increase, the growth of the accumulated deficit so far this year has moderated since it comes from registering increases of around or exceeding 300%, which is explained by the containment of imports in November compared to the month former.
The Secretary of State for Trade, Xiana Méndez, highlighted in a statement that in November exports rebounded above imports “in a context of global trade slowdown”, which has reduced the monthly trade deficit half compared to October and at the lowest value since September 2021.
In annual comparison, exports grew by 23.6% until November and reached 357,111 million euros, a record figure surpassed by that of imports, which rose 35.8% to 420,714 million, also a historical maximum.
The trade deficit without taking energy into account remained at 15,392.3 million, compared to the surplus of 1,376.5 million a year earlier, while the energy deficit increased to 48,210.6 million.
Oil purchases lead energy imports
Energy products contributed 13.8 percentage points to the 35.8% year-on-year growth in imports, followed by capital goods (5.6 points), chemical products (4 points) and food, beverages and tobacco ( 3.8 points), while no sector contributed negatively.
By subsectors and regions, the greatest contribution to the increase in imports was the 7.5 points of the purchase of oil and derivatives from the United States, Brazil, Nigeria and Saudi Arabia.
In total, imports of oil and derivatives totaled 53,620.8 million euros until November, with an increase of 76.9% year-on-year.
The second largest contribution to the rise in imports was the 5.3 points contributed by the purchase of gas from the United States, Russia, Nigeria and Algeria.
In total, gas was purchased in the period for an amount of 24,134.7 million, 211.8% more.
Lower were the contributions of purchases in the field of clothing to Bangladesh, China, Cambodia and Turkey (1.7 points) and food purchases to Brazil, Ukraine, France and the United States (1.4 points).
The most exported
The sale of cars and motorcycles abroad reached the highest amount until November (29,212 million, 5.7% more annually), although petroleum derivatives and medicines had a greater influence on the increase in exports, although they are located in second and third place by volume (26,830.9 and 24,975.7 million, respectively).
By subsectors and regions, the main positive contributions to the 23.6% increase in exports up to November came from the sale of oil and derivatives to the Netherlands, France, the United States and Portugal (3.9 points) and medicines to Belgium , Switzerland, China and France (3.3 points).
They are followed by the export of coal and electricity to France, Portugal, Morocco and Poland (1.6 points) and of iron and steel to Germany, Portugal, the United States and France (0.8 points). EFE