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.