According to the National Statistics Institute (INE), exports of goods grew by 18.2% in the first quarter of 2022, compared to the first quarter of 2021, and are 21.5% above the value recorded in the first quarter before the pandemic.
“In the 1st quarter of 2022, exports increased by 18.2% and imports grew by 36.8% compared to the same period in 2021 (+22.0% and +39.6%, in the same order, in the quarter ended in February 2022)", announced the INE, stating that, "compared to the 1st quarter of 2020, exports and imports increased by 25.6% and 29.0%, respectively (+21 .5% and +25.9%, in the same order, compared to the 1st quarter of 2019)”.
In the first quarter of 2022, among the major categories of goods, the highlight goes to industrial supplies, which grew 38.9% compared to 2021, “mainly of processed products, mainly to Spain”.
The effect of rising prices on exports and imports of goods was visible throughout 2021, but intensified this year mainly because of the consequences of the Russian invasion of Ukraine. Isolating the month of March, the first full month of the conflict that began on February 24, imports of fuel and lubricants increased by 132.8%, reflecting the sharp rise in oil prices.