Spain's trade deficit narrowed sharply to EUR 1.74 billion in August 2020 from EUR 3.98 billion in the corresponding month of the previous year. Imports slumped 17.2 percent to EUR 19.40 billion, due to lower purchases of energy products (-39.8 percent), vehicles (-30.8 percent), non-chemical semi-manufactured goods (-14.3 percent), manufactured consumer goods (-9.9 percent), chemicals (-10.3 percent) and food, beverages & tobacco (-13.2 percent). Among key trade partners, imports went down from the Euro Area (-12.4 percent), the UK (-18.3 percent) and the US (-28.4 percent). Exports declined 9.1 percent to EUR 17.66 billion, as sales fell for energy products (-48.7 percent), capital goods (-12.4 percent), manufactured consumer goods (-12.7 percent), non-chemical semi-manufactured goods (-10.9 percent), chemicals (-7.6 percent) and raw materials (-13.8 percent). Shipments dropped to the Euro Area (-1.9 percent), the UK (-12.7 percent) and the US (-26.1 percent). source: Ministerio de Industria, Comercio y Turismo
Balance of Trade in Spain averaged -1805312.62 EUR Thousand from 1962 until 2020, reaching an all time high of 1481717 EUR Thousand in June of 2020 and a record low of -9834766 EUR Thousand in December of 2007. 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 - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020.
Balance of Trade in Spain is expected to be -5700000.00 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 -4000000.00 in 12 months time. In the long-term, the Spain Balance of Trade is projected to trend around -2600000.00 EUR Thousand in 2021 and -3900000.00 EUR Thousand in 2022, according to our econometric models.