Spanish exports exceeded €319.86 billion from January to October, an all-time high, according to government statistics released on Monday.
ADVERTISEMENTThe trade deficit in Spain almost halved in the first 10 months of 2023, reaching €34.73 billion, according to the Spanish government.
The plummeting deficit can partially be explained by falling energy costs and a reduction in Spanish gas imports, as well as an increase in trade with foreign nations.
Whilst the pandemic caused exports to fall dramatically, this year's export figure shows a 20.2% increase compared to that seen in October 2019.
In terms of imports, Spain has noted a 27.1% increase compared to the level seen in October 2019.
The Spanish state also confirmed that the nation has a current account surplus of 3% of GDP, the best figure recorded since 2018.
A current account surplus demonstrates that a country has more exports and incoming payments than imports and outgoing payments to other countries.
"The evolution of the Spanish foreign goods sector has been more favourable than that of the euro area and the EU as a whole," said Spain's Ministry of Economy, Trade and Business in a statement.
"The Spanish economy [...] in the complex international context, has maintained its constant weight in international trade in goods and increased its share of the European market in recent years," the ministry added.
Spanish exports of services reached €95 billion in 2023, which represents an increase of 26.4% compared to the previous year.
The export of goods reached €320 billion in the period from January to October 2023.
Industries leading this boom were the automobile, capital goods and food, beverage, and tobacco sectors.
Geographically, 61.6% of total Spanish exports were sent to the European Union in October 2023, while exports to non-EU countries accounted for 38.4% of the total.
