The balance of trade, an indicator that reflects the difference between exports and imports, has been narrow in recent years, though exports exceeded imports throughout the period. In 2016 the balance of trade was positive, with a surplus of 8,589 million euros. However, this fell significantly in 2021, to a surplus of 4,388 million euros. In 2022 the surplus reached its lowest point, at 1,863 million euros, meaning that exports only just exceeded imports that year. To understand this, one must observe the dynamics since 2021, when both imports and exports saw a notable recovery. However, imports have grown more rapidly than exports, which has worsened the balance of trade. In 2023, as in previous years, exports exceeded imports, but the margin was wider. The situation has therefore improved slightly and the surplus has increased to 4,240 million euros.
