Spanish exports lose steam but trade deficit narrows

exports gorgeous

Luis Alcaide| The value of Spanish exports in August has repeated the pattern of the last ten years, albeit with less vigour. Exports fell by 14% year-on-year compared with July and by 10% year-on-year. The evolution of imports follows the same pattern, down both year-on-year and year-on-year. The trade deficit, €4,435.1 billion in August, is down substantially compared to €7,937.2 billion in August 2022.

The lower trade deficit together with the positive evolution of services, especially tourism, confirms the healthy situation of Spain’s foreign trade.
The geographical distribution of trade with the rest of the world shows a very slight decrease, last August, in the surplus with the EU and the eurozone. On the other hand, Spain’s trade deficit with non-EU countries was cut by almost half thanks to the fall in the price of energy products.

China recovers positions
Among non-EU countries, China regained first place as a supplier to Spain in August. China accounted for 10.9% of total Spanish imports, surpassing Germany’s 10.5%.

In the first eight months of 2023, China sold goods worth €29,718 million to Spain and the US €18,767 million.

However, while Spanish exports to the US in that period totalled €18,747 million, an acceptably balanced trade considering the dependence on liquefied gas, Spanish sales to China only amounted to €4,967.4 million.

About the Author

Luis Alcaide
Luis Alcaide works as an economist for the Spanish government since 1961. He has been state adviser in the European Union and Bank of Spain director of communications. Alcaide published editorial articles in Spain's leading newspaper El País between 1977 and 1983, and in Diario 16 between 1985 and 1988. He regularly contributes to Economía Exterior and Política Exterior. He's founder member of Grupo Consejeros.