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Trade Balance of Goods in Spain: Overview from 2017 to 2023

Trade Balance of Goods in Spain: Overview from 2017 to 2023

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TGM StatBox. (2024). Trade Balance of Goods in Spain: Overview from 2017 to 2023. TGM StatBox.
Chart Details
Data Source: Calculate based World Trade Organization (WTO)'s data (export - import)
Timeframe: 2017-2023
Country: Spain
Published date: 2024
Note: The trade balance reflects the difference between the value of a country’s exports and imports of goods. This figure was calculated by TGM StatBox, using data from the World Trade Organization (WTO). A positive balance signals a surplus, while a negative one indicates a deficit.
Key Takeaways
Spain consistently recorded trade deficits between 2017 and 2023, with the gap widening from -32,449.9 million USD in 2017 to a peak of -78,796.6 million USD in 2022. The sharp increase in 2022 reflects surging energy import costs amidst global price volatility. In 2023, the deficit narrowed to -47,107.2 million USD, supported by a stabilization in energy prices and growth in key exports such as automotive products and agricultural goods.

Spain’s trade balance trends highlight its reliance on energy imports and the challenges of maintaining a competitive export base to counterbalance rising import demand.

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