Spanish exports of goods in 2016 increased by 1.7% compared to the same period the previous year. Reaching a total of 254.53 billion euros – the figure is at an all-time high, while imports diminished by 0.4% to 273.28 billion euros.

Spanish exports grew at the fastest rate within the Eurozone and the EU last year, bringing Spain’s trade deficit down by 22.4% to 18.75 billion euros, the second best balance the nation has seen since 1997. Exports by Germany (1.2%) and Italy (1.1%) increased to a lesser extent than in Spain, while in France (-0.9%), UK (-0.2%), USA (-3.2%), China (-6.4%) and Japan (-7.4%) exports all shrank.

Olives and olive oil, pharmaceuticals and electronic devices are among the most commonly exported goods from Spain. Spain is also the world’s third-largest exporter of wine, fruit and vegetables, with 70% of all exports remaining within the European Union. Other popular Spanish exports include machinery and equipment, fuels, chemicals and medical instruments.

In 2016 the number of exporters grew by 1% over 2015 to 148,794. In comparison with 2008 (the maximum achieved in the previous upward cycle), this represents a 46.7% increase. The number of regular exporters (those exporting for at least four straight years) also grew, by 4.2% to 49,792.

By volume, exports increased by 3.5%, since prices fell by 1.7%. Meanwhile imports grew by 2.8% due to prices measured by Unit Value Indices (which only measure the prices of exported products) having fallen by 3.1%. The coverage rate – exports over imports – stood at 93.1% (91.2% in 2015), the second best figure ever, beaten only by 2013.