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.