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The COVID-19 crisis has led to the sharpest collapse in the Spanish trade ofgoods and services in recent decades. The containment measures adopted toarrest the spread of the virus have caused an especially intense fall of tradein services. Spain's export specialization in transport equipment, capital andoutdoor goods, and services that rely on the movement of people has made theCOVID-19 trade crisis more intense in Spain than in the rest of the EuropeanUnion. However, the nature of the collapse suggests that trade in goods canrecover swiftly when the health crisis ends. On the other hand, COVID-19 mayhave a long-term negative impact on the trade of services that rely on themovement of people.

Impact of COVID-19 on the trade of goods and services in Spain