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