The Spanish trade deficit widened sharply to EUR 3.84 billion in October 2018 from EUR 2.51 billion in the same month of the previous year. It was the largest trade gap since January as imports jumped 13.1 percent to an all-time high and exports increased at a softer 9 percent. Balance of Trade in Spain averaged -1779738.27 EUR Thousand from 1962 until 2018, reaching an all time high of 634935 EUR Thousand in November of 1988 and a record low of -9834766 EUR Thousand in December of 2007.

Balance of Trade in Spain is expected to be -2100000.00 EUR Thousand by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Spain to stand at -2500000.00 in 12 months time. In the long-term, the Spain Balance of Trade is projected to trend around -1800000.00 EUR Thousand in 2020, according to our econometric models.

Spain Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2018-09-21 08:30 AM Balance of Trade €-3.25B €-2.45B €-2.1B
2018-10-23 08:00 AM Balance of Trade €-3.06B €-3.25B €-3.6B
2018-11-21 09:10 AM Balance of Trade €-3.30B €-3.06B € -2.4B
2018-12-21 09:00 AM Balance of Trade €-3.84B €-3.30B €-2.8B
2019-01-22 09:00 AM Balance of Trade €-3.84B
2019-02-21 09:00 AM Balance of Trade € -2.1B
2019-03-21 09:00 AM Balance of Trade



Spain Posts Largest Trade Gap in 9 Months

The Spanish trade deficit widened sharply to EUR 3.84 billion in October 2018 from EUR 2.51 billion in the same month of the previous year. It was the largest trade gap since January as imports jumped 13.1 percent to a record high and exports increased at a softer 9 percent.

Imports climbed 13.1 percent from a year earlier to an all-time high of EUR 30.25 billion in October, boosted by purchases of energy products (61.5 percent), chemicals (10.9 percent), manufactured goods (5.7 percent), capital goods (5 percent), vehicles (3.4 percent) and food, beverages & tobacco (4 percent).

Among major trading partners, imports increased from the Euro Area (6 percent), in particular from Italy (14 percent), Portugal (9.4 percent), the Netherlands (7.2 percent), Germany (5.8 percent) and France (2.4 percent). Imports also grew from China (15 percent) and the UK (0.8 percent), but fell from the US (-0.1 percent).

Exports rose at a softer 9 percent to EUR 26.41 billion in October, driven by sales of energy products (27.8 percent), capital goods (13.9 percent), non-chemical semi-manufactured products (12.6 percent) chemicals (9.7 percent), vehicles (3.7 percent), food, beverages & tobacco (2.5 percent) and manufactured goods (2.4 percent). 

Among major trading partners, there were gains in exports to the Euro Area (9.5 percent), namely to the Netherlands (27.5 percent), France (14.1 percent), Portugal (12.5 percent), Italy (7.6 percent) and Germany (1.4 percent). Sales also rose to the UK (25.2 percent) and the US (14 percent).

Considering January to October, the trade deficit widened to EUR 28.02 billion from EUR 22.26 billion in the same period of 2017 as imports advanced 6.3 percent to an all-time high of EUR 266.60 billion and exports increased 3.8 percent also to a record EUR 238.58 billion.


Ministerio de Industria, Comercio y Turismo | Joana Ferreira | joana.ferreira@tradingeconomics.com
12/21/2018 12:00:24 PM



Spain Trade Last Previous Highest Lowest Unit
Balance of Trade -3836500.00 -3297072.00 634935.00 -9834766.00 EUR Thousand [+]
Current Account 294.00 696.00 5059.00 -12368.00 EUR Million [+]
Current Account to GDP 1.90 1.90 1.90 -9.60 percent [+]
Imports 30249900.00 25473900.00 30249900.00 37437.07 EUR Thousand [+]
Exports 26413300.00 22176855.84 26413300.00 14286.06 EUR Thousand [+]
Terms of Trade 100.20 100.30 123.70 62.20 Index Points [+]
Foreign Direct Investment -9659.00 1561.00 23250.00 -9659.00 EUR Million [+]
Capital Flows 3873.00 -263.00 17904.00 -11878.00 EUR Million [+]
Remittances 2552.00 3515.00 3590.00 732.00 EUR Million [+]
Tourist Arrivals 4549.90 7635.57 10493.44 1397.41 Thousand [+]
Gold Reserves 281.60 281.60 523.47 281.58 Tonnes [+]
Tourism Revenues 6021.00 6803.00 8015.00 890.00 EUR Million [+]
Terrorism Index 1.70 1.20 6.52 1.20 [+]
Weapons Sales 814.00 507.00 1429.00 2.00 USD Million [+]
External Debt 2003697000.00 1991484000.00 2003697000.00 618600000.00 EUR Thousand [+]
Crude Oil Production 2.00 2.00 17.00 1.00 BBL/D/1K [+]

Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category



Spain Balance of Trade

Spain runs systemic trade deficits due to high imports of fuel and high added value goods. In 2017, Spain's trade deficit rose 31.9 percent from the previous year to EUR 25 billion, mainly due to a surge in domestic demand and an increase in energy prices. Within the Autonomous Communities, the biggest exporters were Catalonia (26 percent of total exports), Andalusia, Madrid and Valencia (11 percent each) and the Basque Country (9 percent); while the largest importers were Catalonia (28 percent of total imports), Madrid (20 percent) Andalusia (10 percent) and Valencia (9 percent). The trade surplus with the EU widened to EUR 16 billion from EUR 13 billion in 2016, boosted by an increase in both surpluses with the Eurozone (EUR 9 billion vs EUR 7 billion in 2016) and with the non-euro area countries of the EU (EUR 7 billion vs EUR 6 billion). With regard to non-EU countries, the trade deficit increased to EUR 41 billion from EUR 32 billion in the previous year, as the deficit with Asia rose to EUR 35 billion from EUR 29 billion and that with Africa went up to EUR 6 billion from EUR 4 billion. Also, the gap with Latin America grew to EUR 2 billion from EUR 60 million in 2016, while that with North America was almost unchanged at EUR 1 billion. This page provides the latest reported value for - Spain Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Spain Balance of Trade - actual data, historical chart and calendar of releases - was last updated on January of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-3836500.00 -3297072.00 634935.00 -9834766.00 1962 - 2018 EUR Thousand Monthly




Country Last Previous
Argentina 979.00 Nov/18
Australia 1925.00 Nov/18
Brazil 6639.00 Dec/18
Canada -2060.10 Nov/18
China 570.60 Dec/18
Euro Area 18967.90 Nov/18
France -5099.00 Nov/18
Germany 20500.00 Nov/18
India -13080.00 Dec/18
Indonesia -1102.00 Dec/18
Italy 3784.00 Oct/18
Japan -737.30 Nov/18
Mexico -2382.00 Nov/18
Netherlands 6983.00 Nov/18
Russia 19697.00 Oct/18
Saudi Arabia 184673.00 Sep/18
Singapore 3799.41 Nov/18
South Africa 3494.40 Nov/18
South Korea 4558.00 Dec/18
Spain -3836500.00 Oct/18
Switzerland 3071.48 Nov/18
Turkey -651.36 Nov/18
United Kingdom -2904.00 Nov/18
United States -55488.00 Oct/18


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