The Spanish trade deficit widened sharply to EUR 2.35 billion in March 2019 from EUR 0.83 billion in the corresponding month of the previous year. It was the largest trade gap for a March month since 2012, as imports increased 5.2 percent year-on-year while exports dropped 0.5 percent. Considering the first quarter of the year, the country posted a EUR 9.46 billion trade shortfall. Balance of Trade in Spain averaged -1788205.21 EUR Thousand from 1962 until 2019, 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 -1500000.00 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 -1500000.00 in 12 months time. In the long-term, the Spain Balance of Trade is projected to trend around -1900000.00 EUR Thousand in 2020, according to our econometric models.

Spain Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2019-02-21 10:00 AM Balance of Trade €-3.25B €-2.57B €-2.1B
2019-03-21 09:30 AM Balance of Trade €-4.48B €-3.25B €-3.2B
2019-04-24 08:30 AM Balance of Trade €-2.63B €-4.48B €-1.8B
2019-05-21 08:30 AM Balance of Trade €-2.35B €-2.63B €-1.4B
2019-06-21 08:00 AM Balance of Trade €-2.35B €-2.6B
2019-07-23 08:00 AM Balance of Trade €-2.7B
2019-08-21 08:00 AM Balance of Trade €-1.5B



Spain Posts Largest March Deficit in 7 Years

The Spanish trade deficit widened sharply to EUR 2.35 billion in March 2019 from EUR 0.83 billion in the corresponding month of the previous year. It was the largest trade gap for a March month since 2012, as imports increased 5.2 percent year-on-year while exports dropped 0.5 percent.

Imports went up 5.2 percent from a year earlier to EUR 27.82 billion in March, boosted by higher purchases of capital goods (1.5 percent); chemicals (12.7 percent); energy products (13.4 percent); non-chemical semimanufactures (4.0 percent); food, beverages & tobacco (5.7 percent); manufactured goods (3.2 percent); and durable consumer goods (4.9 percent). Meanwhile, pruchases decreased for vehicles (-0.4 percent); and raw materials (-0.2 percent).

Among major trading partners, purchases advanced from China (7.6 percent), the US (39.8 percent) and the UK (16.5 percent) but went down from the Euro Area (-0.8 percent), of which France (-4.9 percent), Italy (-1.6 percent) and Portugal (-3.9 percent).

Exports declined 0.5 percent to EUR 25.47 billion, mostly due to lower sales of the automotive sector (-15 percent); and non-chemicals semi-manufactures (-6.3 percent). On the other hand, sales advanced for capital goods (0.1 percent); food, beverages & tobacco (3.6 percent); chemicals (7.2 percent); energy products (15.6 percent); raw materials (5.3 percent); manufactured goods (1.3 percent); durable consumer goods (1.5 percent); and other products (8.2 percent).

Among major trading partners, sales fell to the Euro Area (-3.8 percent), namely to Germany (-7.1 percent), France (-6.9 percent) and Italy (-0.1 percent), while rose to Portugal (2.2 percent). Shipments also increased to the UK (5.6 percent), the US (11.7 percent) and China (14.3 percent).

Considering the first quarter of the year, the country's trade gap increased to EUR 9.46 billion from EUR 6.93 billion in the same period of 2018, as imports rose 3.2 percent to EUR 80.48 billion and exports were almost unchanged at EUR 71.01 billion.


Ministerio de Industria, Comercio y Turismo | Stefanie Moya | stefanie.moya@tradingeconomics.com
5/21/2019 8:59:29 AM



Spain Trade Last Previous Highest Lowest Unit
Balance of Trade -2352600.00 -2627773.00 634935.00 -9834766.00 EUR Thousand [+]
Current Account -2769.00 -1472.00 5059.00 -12368.00 EUR Million [+]
Current Account to GDP 0.90 1.80 2.30 -9.60 percent [+]
Imports 27821800.00 25646600.00 30249900.00 37437.07 EUR Thousand [+]
Exports 25469200.00 23018840.08 26413344.61 14286.06 EUR Thousand [+]
Terms of Trade 100.30 105.00 123.70 62.20 Index Points [+]
Foreign Direct Investment 2466.00 4912.00 23250.00 -9894.00 EUR Million [+]
Capital Flows -2697.00 -5287.00 17904.00 -11878.00 EUR Million [+]
Remittances 3315.00 2613.00 3590.00 732.00 EUR Million [+]
Tourist Arrivals 5645.75 4380.13 10493.44 1397.41 Thousand [+]
Gold Reserves 281.60 281.60 523.47 281.58 Tonnes [+]
Tourism Revenues 3350.00 3785.00 8015.00 890.00 EUR Million [+]
Terrorism Index 4.02 1.70 6.52 1.20 [+]
Weapons Sales 814.00 507.00 1429.00 2.00 USD Million [+]
External Debt 2014359000.00 2003697000.00 2014359000.00 618600000.00 EUR Thousand [+]
Crude Oil Production 1.00 1.00 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 May of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-2352600.00 -2627773.00 634935.00 -9834766.00 1962 - 2019 EUR Thousand Monthly




Country Last Previous
Argentina 1131.00 Apr/19
Australia 4949.00 Mar/19
Brazil 6060.00 Apr/19
Canada -3211.20 Mar/19
China 138.34 Apr/19
Euro Area 22532.90 Mar/19
France -5324.00 Mar/19
Germany 22683.00 Mar/19
India -15330.00 Apr/19
Indonesia -2501.90 Apr/19
Italy 4625.00 Mar/19
Japan 60.40 Apr/19
Mexico 1370.00 Apr/19
Netherlands 5330.00 Mar/19
Russia 15537.00 Mar/19
Saudi Arabia 180059.00 Dec/18
Singapore 2782.79 Apr/19
South Africa 5004.63 Mar/19
South Korea 4120.00 Apr/19
Spain -2352600.00 Mar/19
Switzerland 2494.00 Mar/19
Turkey -2136.73 Mar/19
United Kingdom -5408.00 Mar/19
United States -50000.00 Mar/19


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