Due to its small size and limited resources, Andorra is extremely open to international trade. Although Andorra is not a member of the European Union, the principality is treated as an EU member in regards to trade of manufactured goods (no customs duties), but not for agricultural products. Andorra’s partnership with the European Union is regulated by a commercial treaty, which was signed on 28 June 1990, establishing a Customs Union for industrial products and outlining special provisions for agricultural commodities. The treaty has turned Andorra into an important international hub for the retail industry and attracts millions of shoppers from all over Europe. According to data from Comtrade, in 2022, the Principality’s main exports were paintings (54.7%), discs, tapes, etc. (10.0%), motor cars and other motor vehicles (6.6%), and orthopedic appliances (4%); whereas imports were led by motor cars and other motor vehicles (9.2%), petroleum oils (7.5%), electrical energy (4.1%), and beauty or makeup preparations (2.3%).
The main destinations for Andorra’s exports in 2022 were Spain (78.3%), France (6.2%), United Kingdom (3.2%), Germany (1.5%), and Norway (1.2%), with imports coming chiefly from Spain (66.1%), France (11.5%), Germany (5.0%), China (3.0%), and Italy (2.8% - data Comtrade).
Regarding international trade in goods, the statistics department has issued its annual report on international trade in goods in 2023, revealing imports exceeding EUR 1.84 billion, up by EUR 70 million from 2022. While most sectors showed positive outcomes, the energy sector experienced a notable downturn of nearly 26%, which, if excluded, would have resulted in an 8% growth. On the export side, transactions amounted to EUR 236 million, a considerable decrease compared to the previous year. However, it's important to note the significant economic impact of the art objects sector in 2022. Adjusting for this, the balance would show a 13.5% surplus. Looking ahead, projections are more conservative, though exports are expected to outpace imports. For 2024, imports are forecasted to grow by 4.9% and exports by 6.6%, while in 2025, both are expected to increase by 4.2%.
Foreign Trade Indicators | 2019 | 2020 | 2021 | 2022 | 2023 |
---|---|---|---|---|---|
Exports of Goods (million USD) | 0 | 167 | 164 | 386 | 252 |
Trade Balance (million USD) | -1,344 | -1,053 | -1,327 | -1,586 | n/a |
Source: World Bank - Latest available data.
Main Customers (% of Exports) |
2023 |
---|---|
Spain | 44.0% |
France | 12.5% |
United Kingdom | 4.1% |
United Arab Emirates | 2.6% |
Norway | 1.7% |
Hong Kong SAR, China | 1.5% |
Türkiye | 1.5% |
Italy | 1.0% |
Netherlands | 1.0% |
Algeria | 0.8% |
El Salvador | 0.8% |
Germany | 0.8% |
Switzerland | 0.4% |
Belgium | 0.4% |
Poland | 0.4% |
Hungary | 0.4% |
Honduras | 0.4% |
Portugal | 0.3% |
Lebanon | 0.3% |
Mexico | 0.3% |
See More Countries | 35.1% |
Main Suppliers (% of Imports) |
2023 |
---|---|
Spain | 64.6% |
France | 10.7% |
Germany | 5.6% |
China | 3.1% |
Italy | 3.1% |
Switzerland | 1.6% |
United Kingdom | 1.2% |
Netherlands | 1.0% |
Austria | 0.7% |
Portugal | 0.7% |
Vietnam | 0.5% |
Poland | 0.5% |
Bangladesh | 0.5% |
Türkiye | 0.5% |
Belgium | 0.4% |
Japan | 0.3% |
Romania | 0.3% |
Czech Republic | 0.2% |
South Korea | 0.2% |
Thailand | 0.2% |
See More Countries | 12.9% |
Source: Comtrade, Latest Available Data
Source: Comtrade, Latest Available Data
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2.5 bn USD of services exported in 2022 | |
---|---|
86.18% | |
Personal travelPersonal travel | 80.91% |
Health-related expenditureHealth-related expenditure | 0.13% |
Education-related expenditureEducation-related expenditure | 0.13% |
Business travelBusiness travel | 5.01% |
4.72% | |
4.68% | |
2.36% | |
1.50% | |
0.31% | |
0.15% | |
0.06% | |
0.04% | |
0.01% |
0.6 bn USD of services imported in 2022 | |
---|---|
31.39% | |
28.49% | |
Personal travelPersonal travel | 20.40% |
Health-related expenditureHealth-related expenditure | 4.82% |
Education-related expenditureEducation-related expenditure | 3.23% |
Business travelBusiness travel | 0.04% |
18.03% | |
6.39% | |
5.94% | |
5.58% | |
2.07% | |
1.08% | |
0.75% | |
0.20% | |
Postal and courier servicesPostal and courier services | 0.20% |
0.07% |
Source: United Nations Statistics Division, Latest Available Data
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