Spanish exports fall by 1.4% and imports by 7.2% in 2023

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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.

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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.