Spain

In 2013, the value of merchandise exports of Spain increased moderately by 8.8 percent to reach 311.0 bln US$, while its merchandise imports increased slightly by 2.0 percent to reach 332.3 bln US$ (see graph 1, table 2 and table 3). The merchandise trade balance recorded a deficit of 21.3 bln US$ (see graph 1), which is the smallest deficit since 1997. The merchandise trade balance is approaching balance and if the growth in exports continues in 2014, Spain is set to record a trade surplus for the first time in decades. The largest merchandise trade balance was with MDG Developed Europe at 21.9 bln US$ (see graph 4). Merchandise exports in Spain were diversified amongst partners; imports were also diversified. The top 24 partners accounted for 80 percent or more of exports and 26 partners accounted for 80 percent or more of imports (see graph 5). In 2012, the value of exports of services of Spain decreased slightly by 4.0 percent, reaching 137.8 bln US$ mainly due to a decline in “travel” (EBOPS 236), while its imports of services decreased moderately by 5.2 percent and reached 90.3 bln US$ (see graph 2). As a result, the trade in services surplus decreased slightly to 47.5 bln US$.

Related Subject(s): International Trade and Finance

Countries: Spain