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. Balance of Trade in Spain averaged -1788759.70 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
Forecast Data Chart
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Calendar GMT Actual Previous Consensus TEForecast
2019-05-21 08:30 AM Balance of Trade Mar €-2.35B €-2.63B €-1.4B
2019-06-21 08:30 AM Balance of Trade Apr €-1.61B €-2.35B €-2.6B
2019-07-23 08:00 AM Balance of Trade May €-2.11B €-1.61B €-2.7B
2019-08-21 08:00 AM Balance of Trade Jun €-1.53B €-2.11B € -1.5B
2019-09-23 08:00 AM Balance of Trade Jul €-1.53B €-2.9B
2019-10-22 08:00 AM Balance of Trade Aug €-3.4B
2019-11-21 09:00 AM Balance of Trade Sep € -2.5B

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.

Exports advanced 0.9 percent over a year earlier to EUR 24.94 billion in June, boosted by higher sales of equipment goods (7.8 percent); energy products (0.9 percent); non-chemicals semi-manufactures (6.4 percent); and other products (7.7 percent). On the other hand, sales declined for the automotive sector (-4.6 percent); food, beverages and tobacco (-0.6 percent); raw materials (-9.7 percent); manufactured consumption goods (-0.6 percent); and chemicals (-2.1 percent).

Among major trading partners, sales increased to the Euro Area (1.5 percent), of which Germany (3.9 percent), Portugal (7.1 percent), and Italy (1.4 percent). Meanwhile, shipments fell to the US (-11.4 percent), China (-0.8 percent) and France (-1.7 percent).

Imports dropped 2.6 percent from a year ago to EUR 26.47 billion, mainly due to lower purchases of raw materials (-10.9 percent); food, beverages and tobacco (-2.1 percent); automotive sector (-2.5 percent); and non-chemicals semi-manufactures (-0.2 percent). In contrast, purchases increased for energy products (0.6 percent); chemical products (6.7 percent); equipment goods (4.5 percent); and manufactured consumption goods (4.4 percent).

Among major trading partners, purchases decreased from the Euro Area (-7.1 percent), in particular Germany (-10.3 percent), France (-10.5 percent) and Portugal (-15.5 percent). Also imports rose from the US (24.1 percent) and China (4.7 percent).

Considering the first six months of the year, the country's trade shortfall widened to EUR 14.71 billion from EUR 14.59 billion in the same period of 2018, as imports rose 1.6 percent to EUR 162.12 billion and exports increased 1.7 EUR 147.41 billion.

Ministerio de Industria, Comercio y Turismo | Stefanie Moya |
8/21/2019 8:36:44 AM

Spain Trade Last Previous Highest Lowest Unit
Balance of Trade -1532700.00 -2110200.00 634935.00 -9834766.00 EUR Thousand [+]
Current Account 2050.00 2701.00 5059.00 -12368.00 EUR Million [+]
Current Account to GDP 0.90 1.80 2.30 -9.60 percent [+]
Imports 26471300.00 28801800.00 30249900.00 37437.07 EUR Thousand [+]
Exports 24938700.00 26691544.40 26691544.40 14286.06 EUR Thousand [+]
Terms of Trade 102.40 101.50 123.70 62.20 Index Points [+]
Foreign Direct Investment -1628.00 -2227.00 23250.00 -9566.00 EUR Million [+]
Capital Flows 4510.00 7563.00 17904.00 -11878.00 EUR Million [+]
Remittances 3475.00 3333.00 3590.00 732.00 EUR Million [+]
Tourist Arrivals 9887.05 8828.50 10493.44 1397.41 Thousand [+]
Gold Reserves 281.58 281.60 523.47 281.58 Tonnes [+]
Tourism Revenues 6784.00 5333.00 8015.00 890.00 EUR Million [+]
Terrorism Index 4.02 1.70 6.52 1.20 [+]
Weapons Sales 1188.00 820.00 1429.00 1.00 USD Million [+]
External Debt 2057984000.00 2014359000.00 2057984000.00 618600000.00 EUR Thousand [+]

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 September of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-1532700.00 -2110200.00 634935.00 -9834766.00 1962 - 2019 EUR Thousand Monthly

Country Last Previous
Argentina 951.00 Jul/19
Australia 7268.00 Jul/19
Brazil 3280.00 Aug/19
Canada -1124.40 Jul/19
China 348.30 Aug/19
Euro Area 24789.70 Jul/19
France -4607.00 Jul/19
Germany 21449.00 Jul/19
India -13450.00 Aug/19
Indonesia 85.10 Aug/19
Italy 7630.87 Jul/19
Japan -136.30 Aug/19
Mexico -1117.00 Jul/19
Netherlands 4127.00 Jul/19
Russia 11224.00 Jul/19
Saudi Arabia 131636.00 Mar/19
Singapore 3787.85 Aug/19
South Africa -2880.82 Jul/19
South Korea 1723.00 Aug/19
Spain -1532700.00 Jun/19
Switzerland 1152.71 Aug/19
Turkey -3191.93 Jul/19
United Kingdom -219.00 Jul/19
United States -53989.00 Jul/19