Inflation triggers record €102 billion exports and €109 billion imports in Spain in 1Q23

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Spain’s trade deficit in the first quarter of 2023 was €6.578 billion, a 57% decrease compared to 1Q22, according to data published by the Ministry of Industry.

The energy deficit fell by 25.6% to €8,217.6 million, compared with €11,052 million in 1Q22, while the non-energy balance showed a surplus of €1,639 million compared with a deficit of €4,634 million in 1Q22.

Spanish merchandise exports increased by 14.6% up to March, compared to 1Q22, with a total of €102,683 million, a record high for the period. Imports, on the other hand, also reached an all-time high of €109,262 million.

In volume terms, exports grew by 3.5% (with prices up by approximately 10.7%) while imports fell by 3.2% (with a price increase of 7.5%).

Chemicals (19% of total exports), capital goods (17.8%), food, beverages and tobacco (17%) and automobiles (13.4%) were the main export items.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.