The trade deficit in Spain almost halved in the first 10 months of 2023, reaching €34.73 billion, according to the Spanish government.
The plummeting deficit can partially be explained by falling energy costs and a reduction in Spanish gas imports, as well as an increase in trade with foreign nations.
Whilst the pandemic caused exports to fall dramatically, this year’s export figure shows a 20.2% increase compared to that seen in October 2019.
In terms of imports, Spain has noted a 27.1% increase compared to the level seen in October 2019.
The Spanish state also confirmed that the nation has a current account surplus of 3% of GDP, the best figure recorded since 2018.
A current account surplus demonstrates that a country has more exports and incoming payments than imports and outgoing payments to other countries.
Spanish exports of services reached €95 billion in 2023, which represents an increase of 26.4% compared to the previous year.
The export of goods reached €320 billion in the period from January to October 2023.
Industries leading this boom were the automobile, capital goods and food, beverage, and tobacco sectors.
Geographically, 61.6% of total Spanish exports were sent to the European Union in October 2023, while exports to non-EU countries accounted for 38.4% of the total.
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