Spain: Services imports increase 8.9% and stand at 11,770.2 million euros

According to the last figures released by Spanish Statistical Office (INE, in Spanish), services exports increased 3.8% during the first quarter as compared with the same period of the previous year, reaching 14,888.5 million euros.

On the other hand, Services imports increased by 8.9% in the annual rate and reached a total of 11,770.2 million euros. The balance or difference between exports and imports stood at 3,118.4 million euros, with an annual decrease of 10.2%.

International Trade in Services by type

Services exports increased by 3.8% during the first quarter. The services with the greatest positive contribution1 to this annual rate were:

– Telecommunications, computers and information, with exports valued at 2,586.5 million euros (17.4% of the total) and an annual variation rate of 10.1%.

– Manufacturing services on physical inputs owned by others, whose exports reached 686.9 million (4.6% of the total), representing an increase of 34.2% compared to the same quarter of the previous year.

– Business, with 4,438.5 million euros of exports (29.8% of the total) and an annual variation rate of 2.4%.

In turn, the services with negative contributions were:

– Insurance and pensions (premiums and auxiliary services; contributions to pension funds), with 1,113.9 million euros in exports (7.5% of the total) and an annual variation rate of -6.3%.

– Financial, with exports valued at 482.3 million (3.2% of the total), indicating a decrease of 6.1% as compared with the same quarter of the previous year.

On the other hand, Services imports increased 8.9% in the first quarter. The services with the greatest positive contribution to this annual rate were:

– Business, whose imports amounted to 3,707.8 million euros (31.5% of the total) with an increase of 10.3% as compared with the same quarter of the previous year.

– Intellectual Property, with imports valued at 1,287.9 million euros (10.9% of the total) and an annual variation rate of 23.4%.

– Insurance and pensions (premiums and auxiliary services; contributions to pension funds), with 1,622.9 million euros in imports (13.8% of the total) and an annual rate of 9.0%.

In turn, the only industrial sector with a negative influence was:

– Government goods and services, with imports valued at 65.8 million euros (0.6% of the

total) and an annual variation rate of -15.9%.

Click here for further information.