The trade surplus with the European Union continues
Spanish companies continue to show great competitiveness despite the complex international context.
In the first three months of the year, Exports of goods reached 93.430 million euros, the second highest figure in the historical series. This figure represents a growth of 31,6% compared to the same period in 2019, before the pandemic.
Spanish exports grew above the average of the last five years. Despite the elevated comparative base for the first quarter of 2023, which included a strong increase in COVID-19 vaccine exports, seasonally adjusted exports in March decreased 5,6% year-on-year.
The Spanish foreign sector remains solid and resilient. The trade deficit for the first quarter was the second lowest since the third quarter of 2021, standing at 2.026,2 million euros. The coverage rate, which measures the relationship between exports and imports, reached 92,0%.
Exports to the European Union and the euro zone registered surpluses, while the deficit with non-EU countries was reduced. The food, beverage and tobacco sectors, capital goods, chemical products and the automobile sector were the main drivers of exports.
Spanish companies continue to diversify their markets. Record growth was observed in exports to important markets such as Türkiye, Mexico and India
The number of regular exporters grew by 3,7% in the first quarter of 2024. This demonstrates the growing participation of Spanish companies in international trade.
In general, the foreign trade data for the first quarter of 2024 are very positive and point to a solid recovery of the Spanish economy.
Continued trade surplus with the European Union which reached 7.710,8 million euros from January to March 2024, while the surplus with the euro zone registered 8.341,1 million euros. With respect to non-EU countries, the trade deficit was reduced to 15.815,9 million (compared to the deficit of 18.782,7 million euros in January-March 2023).
By autonomous communities, those that recorded the most notable growth in their exports in the first quarter were Estremadura (16,0%), Castilla y Leon (11,4%) and the Foral Community of Navarra (4,5%).
The number of regular exporters, those who have exported more than 1.000 euros in the reference year and in each of the three immediately preceding ones, grew by 3,7% in the January-March 2024 period to 38.758 exporters. These exported a value of 89.796,3 million euros, 96,1% of the total.
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