By Belén Carreño

MADRID, Reuters – The exports of Spanish goods jumped 21.2% in 2017 to exceed pre-pandemic levels despite global supply chains problems and the effects of Brexit. However, Spain’s trade deficit almost doubled because of soaring energy costs, according to customs data released on Thursday.

Exports from 2021 were aided by food, oil, and pharmaceuticals. They reached around 317 Billion Euros ($360 Billion), 9.1% above the level in 2019, which was when world trade flowed normally prior to the COVID-19 pandemic.

Global imports increased by almost 25%, to 343 billion euro. The trade deficit of Spain nearly doubled from 2020 to 26 billion euro. With the exception of energy products, Spain’s trade deficit will be only 852 million Euros, against a surplus in 2020 of 1.1billion euros.

British exports were 5.4% lower than 2019 levels, and British imports have dropped by 26% since January 2021 when the country left the European Union. There are still some border control measures to implement.

A top source in the department of Commerce confirmed to Reuters that the easing tensions trade between Europe and America helped Spanish exports recover, along with a less dependence on those markets most affected from supply issues like Asia.

Spain was among the nations affected by tariffs in US-EU Airbus dispute and by a tax row on large tech companies.

The auto sector was the only one that performed below 2019 levels based on type of traded goods. With an 8.5% decrease in exports, and a 19.5% slump imports, this is due in part to global shortages for semiconductors. Some factories have been temporarily closed.

By producing vials in Spain, pharmaceutical plants also produced vaccines for COVID-19.

In 2021, vaccines worth 5.5 billion Euros and exports of 4.7 billion euro were combined.

($1 = 0.8805 euros)