{"id":884,"date":"2013-07-25T13:38:24","date_gmt":"2013-07-25T12:38:24","guid":{"rendered":"https:\/\/blog.iese.edu\/economics\/?p=884"},"modified":"2015-03-17T11:58:37","modified_gmt":"2015-03-17T10:58:37","slug":"spain-nears-trade-equilibrium","status":"publish","type":"post","link":"https:\/\/blog.iese.edu\/economics\/2013\/07\/25\/spain-nears-trade-equilibrium\/","title":{"rendered":"Spain Nears Trade Equilibrium"},"content":{"rendered":"<figure id=\"attachment_885\" aria-describedby=\"caption-attachment-885\" style=\"width: 300px\" class=\"wp-caption alignright\"><a href=\"https:\/\/blog.iese.edu\/economics\/files\/2013\/07\/Contenedores.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-885\" alt=\"Espa\u00f1a roza el equilibrio comercial\" src=\"https:\/\/blog.iese.edu\/economics\/files\/2013\/07\/Contenedores-300x200.jpg\" width=\"300\" height=\"200\" \/><\/a><figcaption id=\"caption-attachment-885\" class=\"wp-caption-text\">Flickr\/Fer Figheras<\/figcaption><\/figure>\n<p>Well, equilibrium is a bit exaggerated. In May, <strong>Spain&#8217;s trade balance accumulated\u00a0over 12 months<\/strong> &#8211; my favorite way of looking at this data for seasonality &#8211; <strong>registered a deficit of about 20.5 billion\u00a0euros,\u00a0which\u00a0is equal to\u00a0roughly 2 percent of the GDP. <\/strong><\/p>\n<p>The data improved by slightly more than 2 billion\u00a0euros in April, due to an increase in the non-energy trade surplus of about 1.074\u00a0billion euros, along with\u00a0a reduction in the energy deficit of about 824 million.<\/p>\n<div dir=\"ltr\"><\/div>\n<p><strong>Is this behavior sustainable?<\/strong> Theoretically, yes.\u00a0Although fluctuating slightly,\u00a0Spain&#8217;s trade balance has been improving continually since May 2008, when it came close to a dizzying 13 percent of GDP. <strong>This behavior is typical of economies in recession<\/strong>, and even more so in those that are experiencing a recession as profound and far-reaching as Spain&#8217;s.<\/p>\n<p>Improvement in the trade balance is an inevitable consequence of\u00a0a contraction in consumption, which\u00a0reduces imports. <strong>But it also\u00a0proves that Spanish companies have identified how to find customers in foreign markets<\/strong>, which is\u00a0particularly commendable if we consider that the recession has affected\u00a0virtually the entire eurozone. In addition,\u00a0<strong>this\u00a0strong\u00a0trend keeps hope alive that Spain&#8217;s GDP will start growing once again, albeit timidly, in the final quarter of this year<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Well, equilibrium is a bit exaggerated. In May, Spain&#8217;s trade balance accumulated\u00a0over 12 months &#8211; my favorite way of looking at this data for seasonality &#8211; registered a deficit of about 20.5 billion\u00a0euros,\u00a0which\u00a0is equal to\u00a0roughly 2 percent of the GDP. The data improved by slightly more than 2 billion\u00a0euros in April, due to an increase [&hellip;]<\/p>\n","protected":false},"author":883,"featured_media":885,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[162],"tags":[1181,1292,71780],"class_list":["post-884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crisis","tag-recession","tag-spain","tag-trade-balance","megacategoria-mc-economics"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/blog.iese.edu\/economics\/wp-json\/wp\/v2\/posts\/884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.iese.edu\/economics\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.iese.edu\/economics\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.iese.edu\/economics\/wp-json\/wp\/v2\/users\/883"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.iese.edu\/economics\/wp-json\/wp\/v2\/comments?post=884"}],"version-history":[{"count":3,"href":"https:\/\/blog.iese.edu\/economics\/wp-json\/wp\/v2\/posts\/884\/revisions"}],"predecessor-version":[{"id":888,"href":"https:\/\/blog.iese.edu\/economics\/wp-json\/wp\/v2\/posts\/884\/revisions\/888"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.iese.edu\/economics\/wp-json\/wp\/v2\/media\/885"}],"wp:attachment":[{"href":"https:\/\/blog.iese.edu\/economics\/wp-json\/wp\/v2\/media?parent=884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.iese.edu\/economics\/wp-json\/wp\/v2\/categories?post=884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.iese.edu\/economics\/wp-json\/wp\/v2\/tags?post=884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}