Soviet President Mikhail Gorbachev traveled to Spain Friday and immediately embarked on negotiations to receive about $1 billion worth of credits in Spanish consumer goods desperately needed by the beleaguered Soviet economy.

Gorbachev, accompanied by his wife Raisa, landed at 1 p.m. at Madrid Airport, where he was received by socialist Prime Minister Felipe Gonzalez and Foreign Minister Francisco Fernandez Ordonez.The Soviet first couple were then driven in a Rolls-Royce through the Spanish capital to the Prado Palace, where they will stay during their two-day visit. Gorbachev was received at the palace by King Juan Carlos and both stood to attention as national anthems were played.

Gorbachev's six-day swing - his first since receiving the Nobel Peace Prize - also will take him to France.

The Soviet leader was accompanied by Foreign Minister Eduard Shevardnadze, who went to the foreign ministry, where he and Ordonez held separate talks on the $1 billion credit package and 12 other proposed bilateral accords.