What is the trade balance

The trade balance is the difference between the value of the goods a country exports and the value of those it imports in a given period. If exports are higher there is a surplus; if imports are higher, a deficit.

It is calculated from customs declarations and, for trade within the European Union, from the statistical declarations of companies. It covers goods only: tourism and other services are recorded separately, in the balance of payments.

In Spain the balance depends heavily on energy, because the country imports almost all the oil and gas it consumes. That is why the energy balance is usually distinguished from the non-energy balance: a rise in the price of crude worsens the former even if companies export more.