Spain's trade deficit significantly narrowed to EUR 0.16 billion in March 2023, reaching its smallest gap since a surplus was last recorded in May 2021, due to a substantial 17.7% increase in exports, which hit an all-time high. Various sectors experienced growth, including vehicles (54.6%), capital goods (27.2%), food, beverages, and tobacco (22.3%), and chemicals (11.4%). Among Spain's key trading partners, there were notable increases in exports to the European Union (15.4%), the United Kingdom (21.3%), the United States (27.9%), and Latin America (62.7%). Import growth remained relatively moderate at 3.6%, primarily driven by purchases of vehicles (50.0%), capital goods (15.2%), and food, beverages, and tobacco (24.4%). However, there was a significant decline of 28.0% in energy imports. Imports from the European Union experienced a 9.6% increase, with a notable surge of 19.5% in imports specifically from Germany. source: Ministerio de Industria, Comercio y Turismo

Balance of Trade in Spain averaged -1871490.80 EUR Thousand from 1962 until 2023, reaching an all time high of 1481717.00 EUR Thousand in June of 2020 and a record low of -9834766.00 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 June of 2023.

Balance of Trade in Spain is expected to be -6350000.00 EUR Thousand by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Spain Balance of Trade is projected to trend around -6400000.00 EUR Thousand in 2024 and -6100000.00 EUR Thousand in 2025, according to our econometric models.

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Spain Balance of Trade



Calendar GMT Actual Previous Consensus TEForecast
2023-04-20 08:00 AM Feb €-2.46B €-3.96B €-4.4B
2023-05-18 08:00 AM Mar €-0.16B €-2.46B €-0.72B € -7.3B
2023-06-15 08:00 AM Apr €-0.16B €-1.4B


Related Last Previous Unit Reference
Balance of Trade -157720.00 -2464829.00 EUR Thousand Mar 2023
Imports 39090448.08 35294993.80 EUR Thousand Mar 2023
Exports 38932728.48 32830165.11 EUR Thousand Mar 2023

Spain Balance of Trade
Spain runs systemic trade deficits due to high imports of fuel and high added value goods. Spain’s main exporting sectors are chemicals, capital goods, food, beverages & tobacco, vehicles, and non-chemical semi-manufactures. The largest export partners are the European Union (63 percent of total exports), in particular France (15 percent) and Germany (10 percent), the rest of Europe (11 percent), in particular the United Kingdom (6 percent), the United States (5 percent), Morocco (3 percent) and China (2 percent). The largest shares by sector of Spain’s imports are those of energy products, capital goods, chemicals, food, beverages and tobacco, and consumer manufactured goods. Spain's major import partner is the EU (45 percent of total imports), in particular Germany and France (9 percent each), followed by China (11 percent), the US (7 percent), the UK (3 percent), and Turkey, Brazil and Morocco (2 percent each).
Actual Previous Highest Lowest Dates Unit Frequency
-157720.00 -2464829.00 1481717.00 -9834766.00 1962 - 2023 EUR Thousand Monthly

News Stream
Spain Trade Gap Smallest in Nearly 2 Years
Spain's trade deficit significantly narrowed to EUR 0.16 billion in March 2023, reaching its smallest gap since a surplus was last recorded in May 2021, due to a substantial 17.7% increase in exports, which hit an all-time high. Various sectors experienced growth, including vehicles (54.6%), capital goods (27.2%), food, beverages, and tobacco (22.3%), and chemicals (11.4%). Among Spain's key trading partners, there were notable increases in exports to the European Union (15.4%), the United Kingdom (21.3%), the United States (27.9%), and Latin America (62.7%). Import growth remained relatively moderate at 3.6%, primarily driven by purchases of vehicles (50.0%), capital goods (15.2%), and food, beverages, and tobacco (24.4%). However, there was a significant decline of 28.0% in energy imports. Imports from the European Union experienced a 9.6% increase, with a notable surge of 19.5% in imports specifically from Germany.
2023-05-18
Spain Trade Gap Narrows in February
Spain's trade deficit narrowed to EUR 2.46 billion in February 2023 from EUR 4.25 billion in the same month last year. Exports surged 9.7% on rising sales of chemicals (11.8%); capital goods (23%); food, beverages & tobacco (3.9%); vehicles (25.1%) and energy products (5.2%). On the other hand, exports of non-chemical semi-manufactures decreased 2.9%. Among major trade partners, exports were mostly up to Germany (18.2%); France (15.5%) and Italy (11.8%) while those to Portugal went down 0.1%. Meanwhile, imports advanced at a softer 3.3%, as increases in purchases of capital goods (10.5%); food, beverages & tobacco (10.1%) and vehicles (30.6%) offset declines in imports of chemicals (-2.9%); energy (-7.5%) and non-chemical semi-manufactures (-8.9%). Imports rose from Germany (13.8%); France (2%) and Italy (6.2%) but fell from China (-4.5%) and the US (-7.9%).
2023-04-20
Spain Trade Gap Narrows in January
Spain's trade deficit narrowed to EUR 3.96 billion in January 2023 from EUR 6.52 billion in the same month last year, as exports surged 16.2 percent on rising sales of chemicals (20.8 percent), energy products (41.2 percent), capital goods (18.6 percent), and food, beverages and tobacco (15.9 percent). Among major trade partners, exports were mostly up to the EU (18.8 percent), the US (19.8 percent) and Morocco (18.3 percent). Meanwhile, imports advanced at a slower 5.3 percent, as increases in purchases of capital goods (20.7 percent), food, beverages and tobacco (20.1 percent), energy products (8.1 percent) and vehicles (15.4 percent) offset declines in imports of both chemicals (-13.7 percent) and non-chemical semi-manufactures (-15.1 percent). Imports rose from the EU (8.9 percent) and China (9.5 percent), but fell from the US (-11.5 percent) and Turkey (-22.6 percent).
2023-03-16