Foreign trade figures of Spain

Foreign Trade in Figures

Spain is open to foreign trade, which represents 72% of its GDP (World Bank, latest data available). In 2023, the leading sectors in terms of share of total exports were capital goods (19.5%), food, beverages, and tobacco (17.5%), chemical products (16.8%), and the automotive industry (14.1%). Automotive sector exports saw the most significant growth, increasing by 20.6% year-on-year and reaching a value of EUR 53.9 billion. Conversely,  Spain's import sectors with the highest shares included capital goods (22.4% of the total, with industrial machinery accounting for 5.3%), chemical products (comprising 15.8%), energy products (15%),  food and beverages (12.4% - official government data).

In 2023, the European Union remained the primary destination for Spanish exports, accounting for 62.7% of the total (EUR 240.38 billion). However, sales to EU countries decreased by 1.6% compared to the previous year. Spain's top export markets within the Eurozone were France (15.6% of total exports), Germany (10.4%), Italy (8.6%), and Portugal (8.3%). The UK and the U.S. accounted for 5.9% and 4.9% of total exports, respectively. In the same period, the EU was the origin of 49.3% of Spain's imports, totalling EUR 209.3 billion—a 2.4% increase compared to the previous year. Germany reclaimed its position as Spain's top goods supplier (11.1% of total imports), overtaking China (10.4%). Other notable providers were France (9.3%), Italy (6.7%), the U.S. (6.7%), and the Netherlands (4.7% - official government data).

The country's trade balance for merchandise is structurally negative due to high imports of fuel and high added-value goods; although the trade in services is generally positive. According to the Spanish Tax Agency's Customs Department, merchandise exports in 2023 totalled EUR 383.69 billion, the second-highest on record, slightly below 2022 levels. Exports fell by 1.4% year-on-year nominally, following two years of nearly 20% growth after the pandemic. In real terms, exports dropped by 5.1% as export prices rose by 3.9%. Imports amounted to EUR 424.25 billion, down 7.2% nominally and 5.4% in real terms, with prices decreasing by 1.9%. According to data from the Bank of Spain, revised in April 2024, Spain's service income reached EUR 183.10 billion in 2023, a 15.9% increase year-on-year, while service payments totalled EUR 90.07 billion, growing by 9.2%. Due to higher income growth than payments, the service balance surplus surged to EUR 93.02 billion, up 23.2% from EUR 75.50 billion in 2022. This surplus fully offset the negative balances in goods and income. According to preliminary figures from the Ministry of Commerce, in the period Jan-Nov 2024, Spain exported EUR 354.72 billion worth of goods (stable compared to the previous year), whereas imports totalled EUR 390.88 billion (-0.3% y-o-y).