Trade Balance in Spain

The trade balance measures the net difference between Spain's goods exports and imports vis-à-vis the rest of the world over a given period. It is compiled by the Customs Department of the Spanish Tax Agency from foreign trade statistics.

It is calculated as goods exports minus goods imports, drawn from the customs foreign trade statistics. A positive balance reflects a trade surplus and a negative one a deficit. It is reported in millions of euros and covers goods only, not services.

It provides a reading of the Spanish economy's external competitiveness and the evolution of its trade relations. It is linked to relative price levels and to the exchange rates of trading partners, so a sustained deterioration can signal lost competitiveness or strong domestic import demand.

The figures are released with a lag of almost two months and, with each new release, the previous period's data are revised. The series is volatile owing to one-off items such as energy or high-value goods, and it excludes services trade, where Spain runs a surplus thanks to tourism.