Spain's trade deficit narrowed to EUR 1.86 billion in November 2019 from EUR 2.57 billion in the same month last year. This was the smallest trade gap since June, as imports declined 3.3% to EUR 26.93 billion, amid lower acquisitions of capital goods (-2.4%); chemicals (-2.8%); vehicles (-2.5 percent) and energy products (-13.3%). Among major trade partners, imports from the Euro Area shrank 1%, owing to declines from Germany (-3.9%), France (-2%) and Italy (-8.5%). Purchases also fell from China (-5.8%), Turkey (-2.4%), Switzerland (-26.8%), but were higher from the UK (3.1%) and the US (10%). Exports dropped 0.9% to EUR 25.06 billion, as shipments sank for chemicals (-7.2%); non-chemical semi-manufactured goods (-4.3%); energy products (-26.1%) and raw materials (-4.6%). Sales to the Euro Area grew 1.5%, as increases from France (0.9%), Germany (0.7%) and Belgium (29.6%) outpaced decreases from Italy (-4.1%) and Portugal (-3%). Exports fell sharply to Switzerland (-30%). Balance of Trade in Spain averaged -1797817.24 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. source: Ministerio de Industria, Comercio y Turismo

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 -1800000.00 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.

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Spain Balance of Trade

Actual Previous Highest Lowest Dates Unit Frequency
-1863000.00 -2576573.00 634935.00 -9834766.00 1962 - 2019 EUR Thousand Monthly

Calendar GMT Actual Previous Consensus TEForecast
2019-10-22 08:20 AM Aug €-3.99B €-2.49B €-3.4B
2019-11-21 09:00 AM Sep €-4.26B €-3.99B €-2.5B
2019-12-20 10:00 AM Oct €-2.58B €-4.26B €-3.6B
2020-01-21 09:00 AM Nov €-1.86B €-2.58B €-2.6B
2020-02-20 09:00 AM Dec €-1.86B €-1.8B

News Stream
Spain Trade Balance Narrows as Exports Hit Record
Spain's trade deficit narrowed to EUR 2.58 billion in October 2019 from EUR 3.88 billion in the same month last year, as exports rose 1.7 percent to an all-time high while imports dropped 2.7 percent.

Spain Trade Gap for September Largest in 8 Years
The Spanish trade deficit widened to EUR 4.26 billion in September 2019, the largest trade gap for that month since 2011, as imports rose 8.9 percent from a year earlier and exports increased at a softer 5.8 percent. Considering the third quarter as a whole, the country recorded a EUR 10.73 billion trade shortfall.

Spain Posts Largest August Trade Deficit in 8 Years
The Spanish trade deficit rose to EUR 3.98 billion in August 2019 from EUR 3.06 billion in the same month of the previous year. It was the largest trade gap for an August month since 2011, as exports slumped 6.2 percent and imports went down at a softer 1.5 percent.

Spain Trade Gap Narrows in July
The Spanish trade deficit narrowed to EUR 2.49 billion in July 2019 from EUR 3.25 billion in the same month of the previous year, as exports rose 3.8 percent and imports increased at a softer 0.6 percent. Considering the first seven months of the year, the country's trade shortfall decreased to EUR 17.20 billion from EUR 17.83 billion in the corresponding period of 2018.

Spain Posts Smallest Trade Gap in 15 Months
The Spanish trade deficit narrowed to EUR 1.53 billion in June 2019 from EUR 2.45 billion in the corresponding month of the previous year. It is the smallest trade shortfall since March last year, as exports increased 0.9 percent and imports fell 2.6 percent.

Spain Trade Gap Narrows in May
The Spanish trade deficit narrowed to EUR 2.11 billion in May 2019 from EUR 2.15 billion in the same month of the previous year, as exports rose 5.5 percent and imports increased at a softer 4.9 percent.

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.

Spain Trade Last Previous Highest Lowest Unit
Balance of Trade -1863000.00 -2576573.00 634935.00 -9834766.00 EUR Thousand [+]
Current Account 2830.00 893.00 5765.00 -12201.00 EUR Million [+]
Current Account to GDP 1.90 2.70 3.20 -9.60 percent [+]
Imports 26925000.00 29437972.94 30249871.83 37437.04 EUR Thousand [+]
Exports 25061400.00 26861399.68 26861399.68 14286.06 EUR Thousand [+]
Terms of Trade 102.50 102.70 123.70 62.20 points [+]
Foreign Direct Investment -883.00 3489.00 22976.00 -10696.00 EUR Million [+]
Capital Flows 2344.00 -1375.00 14085.00 -11176.00 EUR Million [+]
Remittances 2726.00 2856.00 3409.00 857.00 EUR Million [+]
Tourist Arrivals 4664.35 7624.49 10493.44 1397.41 Thousand [+]
Gold Reserves 281.58 281.58 523.47 281.58 Tonnes [+]
Tourism Revenues 6247.00 7599.00 9407.00 833.00 EUR Million [+]
Terrorism Index 3.35 4.02 6.52 1.20 [+]
Weapons Sales 1188.00 820.00 1429.00 1.00 USD Million [+]
External Debt 2124834000.00 2100503000.00 2124834000.00 618600000.00 EUR Thousand [+]