As a result, after three decades of running a trade deficit Spain attained in 2013 a trade surplus. Reflecting a steeper decline in services activity and a return to contraction by the manufacturing sector, the IHS Markit composite Purchasing Managers’ Index (PMI) dipped from 44.1 in October to 41.7 in November—the lowest reading since May. Imports slumped 17.2 percent to EUR 19.40 billion, due to lower purchases of energy products (-39.8 percent), vehicles (-30.8 percent), non-chemical semi-manufactured goods (-14.3 percent), manufactured consumer goods (-9.9 percent), chemicals (-10.3 percent) and food, beverages & tobacco (-13.2 percent). From a strictly percentage basis, Spanish deficits with Netherlands (up 161%), Germany (up 36.8%), Turkey (up 25.1%) and Libya (up 16.3%) grew from 2018 to 2019. Download historical data for 20 million indicators using your browser. Exports fell 7.5 percent as sales were mostly down for energy products (-49.7 percent), capital goods (-9.0 percent), manufactured consumer goods (-12.8 percent), raw materials (-25.2 percent) and chemicals (-3.9 percent). Online Store Direct access to our calendar releases and historical data. Spain runs systemic trade deficits due to high imports of fuel and high added value goods. Shipments went down to the UK (-13.4 percent) and the US (-16.7 percent). Retail sales dipped 2.4% compared to the same month a year ago in October, after falling 2.2% in September and marking the eighth consecutive month of declining sales. Germany and Japan have accumulated massive trade surpluses at the expense of US-based exporters. The surplus of 634.9m euros ($814.1m; £535.4m) in March reflects a 15% plunge in imports, compared with the same month last year. Compare the best online brokers for trading forex, cryptocurrencies, stocks, commodities & indices that also accept traders from Spain and offer a platform in Spanish (as well as English). Among key trade partners, imports dropped from the Euro Area (-16.8 percent), the UK (-20.2 percent) and the US (-14.2 percent), but were up from China (8.5 percent). The trade surplus with the EU widened to EUR 16 billion from EUR 13 billion in 2016, boosted by an increase in both surpluses with the Eurozone (EUR 9 billion vs EUR 7 billion in 2016) and with the non-euro area countries of the EU (EUR 7 billion vs EUR 6 billion). Since 1995, China has been recording consistent trade surpluses which from 2004 to 2009 has increased 10 times. Economic recovery and trade surplus Between 2002 and 2007 Spain experienced considerable growth in the volume of national demand. trade in goods and services. Within the Autonomous Communities, the biggest exporters were Catalonia (26 percent of total exports), Andalusia, Madrid and Valencia (11 percent each) and the Basque Country (9 percent); while the largest importers were Catalonia (28 percent of total imports), Madrid (20 percent) Andalusia (10 percent) and Valencia (9 percent). With regard to non-EU countries, the trade deficit increased to EUR 41 billion from EUR 32 billion in the previous year, as the deficit with Asia rose to EUR 35 billion from EUR 29 billion and that with Africa went up to EUR 6 billion from EUR 4 billion. In 2018, Spain exported $330B and imported $377B, resulting in a negative trade balance of -$47.3B. The Spanish Board of Architects approved 8,615 new construction permits in September, according to data published by the Ministry of Public Works. The net result is a massive trade surplus. Spain’s current account balance recorded a surplus of EUR 2.2 billion in the final month of 2019, above the EUR 1.8 billion surplus recorded in December 2018 but below the EUR 3.4 billion surplus logged in November. Trade surplus by country 2015. The wine industry, however, is having a tough time during the age of COVID-19 According to the Independent, millions of bottles of wine could go to waste in Europe during lockdown.. With bars, restaurants and tasting rooms temporarily closed, producers have surplus supplies. The opposite of a trade surplus is a trade deficit. At 217 billion euros ($236 billion), it was Germany's biggest ever. In the months January to August 2020, the trade surplus with countries in the European Union (excluding the United Kingdom) stood at 61.8 billion euros. Spanish Shares End Lower, Fall 3.1% on the Week, Spain Consumer Morale Recovers From 8-Year Low, Spain Industrial Output Falls Less than Forecast, Spain Services Activity Shrinks for 4th Month, Tourist Arrivals in Spain Plunge for 8th Month, Spain Factory Activity Back to Contraction, Spain Current Account Surplus Narrows as Tourism Revenues Slump, Spain Business Sentiment Up to 9-Month High, Oil Prices Slide on Friday, Book Weekly Gain, US Stocks Book Weekly Loss, S&P Links Third Fall, Senegal November Inflation Rate at 5-Month Low, French Shares Finish in the Red, Fall 1.8% on the Week. See Spanish-English translations with audio pronunciations, examples, and word-by-word explanations. Exports fell at a softer 0.9 percent to EUR 23.25 billion, as sales declined for energy products (-49.2 percent), manufactured consumer goods (-3 percent), and chemicals (-2.3 percent). Netherlands: $52.9 billion (up 40.1%) 37. EU trade in goods surplus with Africa declined in the last three years. Spain's trade deficit narrowed sharply to EUR 1.74 billion in August 2020 from EUR 3.98 billion in the corresponding month of the previous year. Key View. Never miss out on our latest data, analysis and industry events. Trade Deficit . So if France sells €100 billion of goods and buys in just €30 billion, its trade surplus would be €70 billion. According to the Bank of Spain, the larger current account surplus compared to the previous year mainly reflected a larger trade surplus recorded in July 2019—mainly the result of higher exports—of EUR 5.3 billion, above the EUR 4.5 … : Por otra parte, el Japón y la Europa occidental siguieron registrando superávit comerciales. October 2020 Trade in Goods and Services. Spain’s current account balance recorded a surplus of EUR 304 million in September, significantly below both the EUR 1.2 billion surplus recorded in September 2019 and August’s EUR 1.4 billion surplus. : Japan and Western Europe, on the other hand, continued to have trade surpluses. Industrial production dropped 1.6% year-on-year in seasonally- and calendar-adjusted terms in October, moderating from September’s 3.1% decline. Current account surplus grows in December 2019. Among key trade partners, imports dropped from the Euro Area (-7.1 percent), the UK (-29.8 percent) and the US (-13.8 percent). The Trading Economics Application Programming Interface (API) provides direct access to our data. Exports to the European Economic and Monetary Union grew 9.6%, almost three points more than imports. Among key trade partners, imports went down from the Euro Area (-12.4 percent), the UK (-18.3 percent) and the US (-28.4 percent). 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