This paper aims at analyzing the level and evolution of the technological intensity of bilateral trade flows between Spain and its main European partners (EU-15) for the period 2000-2012. This study focuses on the existence of different sectoral technological intensities, which have been highlighted by the literature on trade and technological specialization. The paper also analyzes the evolution of different indicators related to innovative behaviour in order to catch the hypothetical positive relationship among the innovation effort and the technology and trading performance of countries. Results show the existence of a positive relationship between the innovative features of countries and their bilateral trade. While this result is observed for each dimension of innovation, it becomes more evident when the innovation is considered overall through a synthetic index of innovation (systemic approach). Moreover, data show that this relationship is stronger in the case of flows with higher technological content.