By Belén Carreño
MADRID (Reuters) – Spain’s exports grew 23% in 2022 to a record 389 billion euros ($416.50 billion), though the increase did not prevent the trade deficit from doubling to 68 billion euros because of a rise of prices and volumes of energy imports.
Exports of goods and services represented almost 42% of Spain’s gross domestic product (GDP), a record that was crucial to explain the economy’s 5.5% growth in 2022.
The effects of the invasion of Ukraine marked the dynamics of foreign trade, as companies had to handle inflationary pressures and seek new markets and suppliers for commodities after disruptions of trade flows from Russia and Ukraine.
The energy trade deficit accounted for 77% of the overall deficit, at 52.6 billion euros. However, energy imports slowed in the last quarter of the year, reflecting weak domestic demand and slightly lower international prices.
The trade deficit was the deepest since 2009.
($1 = 0.9340 euros)
(Reporting by Joao Manuel Mauricio and Belen Carreño, editing by Inti Landauro and Kim Coghill)
