BREXIT: Spanish imports from UK plummet during first two months of the year

BREXIT has seen Spanish imports from the UK slashed during the first two months of 2021 with food products hardest hit.

Spain’s imports of products from the UK decreased 49% during January and February compared with the same period a year ago.

By contrast, data showed that Spanish imports from countries within the European Union fell only 7%, according to a report by the Spanish industry ministry published on Thursday.

Not surprisingly, Spanish exports to Britain also decreased during the same period, although to a lesser degree.

The new data reported by Reuters showed that the export of Spanish goods to the UK dropped by 15%, much more than the 5.1% drop of Spain’s sales to other EU partners.

The Brexit effect has compounded problems arisen from the coronavirus and overall, data from the Spanish industry ministry showed the country’s trade deficit narrowed 49% in the first two months of the year compared with a year earlier to 2.85 billion euros ($3.41 billion).

Total imports fell 11% to €46.89 billion, while exports were down by 6.6% to €44.04 billion as a result of coronavirus business restrictions.

Although Spain’s Industry Ministry did not provide a breakdown of the type of imports worst affected by Brexit, it does provide data on the sectors with the greatest weight in imports and exports between the two countries before the UK’s exit from the European Union.

Around a quarter of agri-food imports from the United Kingdom to Spain are spirits, while fish products account for 21 percent.

Going the other way, around 28% of exports from Spain to the UK are fruit and vegetables while wine accounts for 8%, olive oil 5% and pork products 3 percent.

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