Exports register highest growth in 44 years due to Eurozone recovery

Exports went up between January and July inclusive by 5.5%, the greatest hike seen for the same period in 44 years.

Sales of goods to Saudi Arabia increased by 42.8% and to Egypt by 28%.

Overall figures by the end of July stood at just over €148.6 billion, reducing Spain's negative foreign trade balance from €13.7bn to €12.87bn.

The best result to date in the last six years was seen in 2013, when the import-over-export figures dropped from €21.3bn to €6.86bn, but in terms of growth in a seven-month period, Spain has set itself a new record.

The rise of 5.5% is slightly higher than the average for the EU-28, which sits at 5.4%, and higher still than the average for the Eurozone, which is currently 4.9%.

Only Germany, showing a growth of 6.8%, has presented better results than Spain.

France and Italy registered an export increase of 5.2% and 4.7%, and the UK's exports fell by 2%.

Figures were helped by a reduction in imports into Spain of 4.5%, down to just over €161.5bn, bringing the trade defict down by 23.6% on the same period last year.

General improvement in the economy elsewhere in the European Union, including the Eurozone, has meant Spain's exports have seen higher demand.

Nearly three-quarters – 64.6% - of exports from Spain went to EU clients, up on last year's 63.6%, with sales within the EU-28 as a whole rising by 7.2% from January to July inclusive and by 6.5% over the same period within the Eurozone.

France has historically been Spain's main international client, representing 15.9% of the total and having made purchases so far this year at a value of 5.1% higher than in the same seven months of 2014.

Germany, Italy and the UK increased its trade with Spain, with sales to these three countries rising by 7.3%, 10.8% and 8% respectively.

Non-EU countries, which make up just over a third of the total, only showed growth of 2.6% in purchases from Spain.

Motor vehicles, chemical products and foodstuffs are the most-exported goods.

Saudi Arabia has invested more in aircraft and, to a lesser extent, rail transport material and clothing produced in Spain; the United Arab Emirates mainly buys petroleum derivatives, electrical appliances and telecommunications equipment; Lebanon buys meat products, and Egypt purchases aircraft, gas and electrical appliances.

In addition to the Middle East, sales to the USA, Canada, México, Chile, China and Australia have risen this year so far.

Motor vehicle exports have shown the greatest rise, with sales going up by 19.3% in a commodity which represents 17.2% of Spain's exports.

The Russian embargo on EU imports has not greatly affected Spain, since its foreign sales of food items – making up 16.2% of its international trade – mainly target the UK, France, Germany and Italy in terms of fruit and vegetables, and China, Lebanon, South Korea and Libya for meat products.

Spain exports shoes all over the world and, with 84 million pairs sold this year to Europe, Japan and the USA, sales were up by 17.2%.

The country's footwear industry is one of the best-known on the planet, and is mainly split between the Balearic Islands with brands such as Pons Quintana, Farrutx, Mascarò and Looky, and the Alicante province towns of Elche, Elda and Petrer with top labels such as Magrit, Pedro Miralles, Belén Doñate and Sara Navarro.

This, and the presence of the Ford factory in Almussafes (Valencia province), plus the abundance of orange crops means the Comunidad Valenciana on the east coast is Spain's joint second-largest exporting region, accounting for 11.3% of the total, along with Madrid.

Catalunya comes out on top, representing just over a quarter of all Spain's exports.

Andalucía is fourth, claiming 10.3% of the total.

The greatest growth this year has been seen so far in Aragón, followed by the Balearics and Castilla-La Mancha, and a fall in exports has hit Cantabria fairly hard as well as Murcia, the Canary Islands and Andalucía.

Export totals are not the end of the story, however: Spain's trade deficit has partly been reduced through lower spending on imports.

Directly and indirectly, the plummeting costs of crude oil and therefore transport fuel have made importing cheaper for Spain – indirectly because shipping costs have come down, and directly because the country imports 99% of its fuel.