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Spain’s trade deficit shrinks in January

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Spain’s trade imbalance decreased from EUR 6.52 billion in January 2022 to EUR 3.96 billion in January 2023 as a result of a 16.2% increase in exports driven by higher sales of capital goods, chemicals, energy products, and food, beverages, and tobacco. (15.9 percent). Exports were primarily up to the EU (18.8%), the US (19.8%), and Morocco among the main trading partners. (18.3 percent). Meanwhile, imports advanced at a slower 5.3 percent, as increases in purchases of capital goods (20.7 percent), food, beverages and tobacco (20.1 percent), energy products (8.1 percent) and vehicles (15.4 percent) offset declines in imports of both chemicals (-13.7 percent) and non-chemical semi-manufactures (-15.1 percent). Imports rose from the EU (8.9 percent) and China (9.5 percent), but fell from the US (-11.5 percent) and Turkey (-22.6 percent).


Source: Trading Economics
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