Spain's exports surpassed €319 billion between January and October this year, a record high, as per government data released this week.

During the first 10 months of 2023, Spain's trade deficit almost halved, at €34.73 billion, the government added.

Euro News reports that The declining deficit was partly due to falling energy costs and dwindling Spanish gas imports, together with a rise in foreign trade.

Despite a substantial drop in exports stemming from the pandemic, the 2023 export figure represents a 20.2% rise compared to October 2019.

Meanwhile, in regard to imports, Spain registered a 27.1% rise this year over October 2019.

In addition, Spain has a current account surplus of 3% of GDP, according to the government data, the best figure since 2018.

"The evolution of the Spanish foreign goods sector has been more favourable than that of the euro area and the EU as a whole," stated Spain's Ministry of Economy, Trade and Business in a statement.

"The Spanish economy [...] in the complex international context, has maintained its constant weight in international trade in goods and increased its share of the European market in recent years," the ministry went on to add.

Furthermore, Spain's exports of services hit €95 billion this year, representing a rise of 26.4% compared to the year before, the Euro News report adds.

Whilst the exports of goods reached €320 billion between January and October this year.

Industries at the forefront of this boom include capital goods and food, beverage, automobile and tobacco sectors.

Moreover, 61.6% of Spain's total exports were sent to the European Union in October this year, whilst exports to countries outside the EU made up 38.4% of the total.