In 2023, exports of goods exceeded €383 billion (1.4% down on 2022), while imports reached €424 billion (7.2% less). This has meant that Spain’s trade deficit amounted to €40.56 billion in 2023, 43.3% less than in 2022.
In 2023, non-energy exports increased by 0.7%, which partially offset the 20.6% drop in the energy segment. In this respect, it is worth noting that energy imports, especially gas, decreased compared to 2022.
Thus, in 2023, the coverage rate slightly exceeded 90% (exports over imports), a percentage 5.3 points higher than in 2022, which was 85%.
In 2023, the European Union (EU) continued to be the main destination for Spanish exports (62.7% of the total).
The rest (37.3% of the total) corresponded to third destinations. In this sense, it is worth highlighting the increases in 2023 of Spanish exports to Oceania (8.7%), Latin America (8.1%) and the rest of Europe (4.6%).
In the month of December, Spain’s trade deficit fell to €3.4 billion from €4.5 billion in the same month of the previous year. In December, imports fell by 11.6% year-on-year to €32.3 billion, while exports fell by 9.8% to €28.9 billion.
