Spain Balance of Trade

Due to the great volume of fuel imported into Spain as well as the high added value of its manufactured goods, Spain is running systemic trade deficits. The country's trade deficit increased by 31.9% from the year before to EUR 25 billion in 2017, primarily as a result of an increase in domestic demand and an increase in the price of energy. Spain's autonomous communities' largest exporters were Catalonia (26% of overall exports), Andalusia (11%), Madrid (11%), Valencia (11%), and the Basque Country (9%); while the largest importers were Catalonia (28% of overall imports), Madrid (20%), Andalusia (10%), and Valencia (9%). In 2017, the trade surplus with the EU grew to EUR 16 billion, up from EUR 13 billion in 2016, as a result of increases in both surpluses with the Eurozone (EUR 9 billion in 2017 compared to EUR 7 billion in 2016) and with non-euro area nations of the EU (EUR 7 billion in 2017 vs EUR 6 billion in 2016). With the increase in the trade deficit with non-EU countries, the EU's trade deficit with non-EU countries increased to EUR 41 billion from EUR 32 billion the previous year, with the deficit with Asia rising to EUR 35 billion from EUR 29 billion and the deficit with Africa rising to EUR 6 billion from EUR 4 billion. The difference from Latin America increased to EUR 2 billion in 2017 from EUR 60 million the previous year, while the difference with North America remained the same at EUR 1 billion.