Spain's exports exceeded 319.86 billion euros from January to October, a record high, according to government statistics released Monday.

Spain's trade deficit almost halved to 34.73 billion euros in the first 10 months of 2023, according to the Spanish government.

The sharp drop in the deficit was partly due to lower energy costs, reduced imports of Spanish natural gas and increased trade with foreign countries.

This year's export figures are up 20.2% compared to October 2019, despite a significant drop in exports due to the epidemic.

On the import side, Spain's imports increased by 27.1% compared to October 2019.

The Spanish government also confirmed that the country has a current account surplus of 3% of GDP, which is the best figure since 2018.

A current account surplus indicates that a country is exporting and earning more than it is importing and spending on other countries.

"The foreign goods sector in Spain is developing more favorably than in the eurozone and the European Union as a whole," Spain's Ministry of Economy, Trade and Commerce said in a statement.

"In recent years, the Spanish economy has maintained a stable position in international trade in goods and increased its share of the European market in a complex international context," the ministry added.

Spanish service exports reached 95 billion euros in 2023, up 26.4 percent from the previous year.

Exports of goods in the period January-October 2023 amounted to 320 billion euros.

The sectors leading this boom are automobiles, capital goods and the food, beverages and tobacco industry.

Geographically, 61.6% of Spain's total exports in October 2023 were sent to the EU, while exports to non-EU countries accounted for 38.4% of the total.

People who know current affairs know that customs data plays a very important role in the import and export industry, such as determining the target market, looking for overseas quality customers, avoiding transaction risks and so on are inseparable from customs data.

The following is a detailed description of these cases:

1. Determine The Target Market

When a company wants to sell its products abroad, accurate target market determination is key. The consequences of spending time and energy on developing a country where there is no need or very little demand for one's products can be serious. At this time, you can query the product through Tendata I-Discovery, analyze the import and export situation of the product in different regions of the world, and visually view the growth trend of import and export, so that you can know which countries in the world need the product the most, and then the target market can be basically determined. (>>Click to Get FREE DEMO)

2. Looking For Global Quality Buyers/Suppliers

Here to introduce you to a use of customs data to find foreign customers skills. Take the United States as an example: now use Tendata I-Discovery, in the query goods description at the same time, in the conditions of origin, enter CHINA, you can be exported to the United States of all the transaction records of the goods extracted. And then based on Tendata I-Discovery analysis report, the procurement volume of large U.S. companies extracted, which is a potential high-quality U.S. buyers.(>>Click to Get FREE DEMO)

3. Formulate Production Plan to Avoid Trade Risks

For a production enterprise, the development of its own production plan is related to the future trend of the enterprise for a period of time, Tendata I-Discovery allows you to see the real transaction records of each enterprise, as well as detailed information about the enterprise, to avoid the risk of being cheated in trade.(>>Click to Get FREE DEMO)