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Foreign Trade in Figures

Spain is open to foreign trade, which represented 68% of its GDP in 2021 (up from 60% one year earlier - World Bank). The country mainly exports motor cars (8.7% - 86% of the vehicles and 60% of the auto-parts manufactured in Spain were exported worldwide in 2021), petroleum products other than crude, medicaments, and vehicle parts; importing crude oil (6.9% of total imports), cars and vehicle parts, and medicaments (Comtrade).

According to official government data, in 2021 the main destinations for Spanish exports included France (15.9%), Germany (10.2%), Italy (8.4%), Portugal (7.9%) and the UK (5.9%); while imports came chiefly from Germany (11.2%), China (10.2%), France (10%), Italy (6.6%) and the U.S. (5%). Overall, the EU-27 represented 61.8% of total exports and 49.9% of imports.

The country's trade balance for merchandise is structurally negative due to high imports of fuel and high added-value goods; although the trade in services is generally positive. In 2021, Spanish goods exports reached USD 383 billion, up by 24.7% year-on-year, as opposed to USD 418.1 billion in imports (+28.6%). Trade in services followed a similar trend, with exports totalling USD 119 billion against USD 73 billion in imports (+32.8% and +21.2%, respectively – data WTO). In the same year, the overall trade balance of the country was positive by 1.5% of GDP (World Bank). According to the latest data available from the Spanish Institute of Statistics, in the first ten months of 2022 exports of goods grew by 23.6% year-on-year to EUR 319.7 billion, while imports increased by 38% to EUR 380 billion. In real terms, exports grew by 4.2% year-on-year, as export prices grew by 18.7%, while imports rose by 9.7% y-o-y, with import prices growing by 25.9%. Exports to the EU represented 62.4% of total exports and 44.2% of total imports in the reference period.

 
Foreign Trade Values 20172018201920202021
Imports of Goods (million USD) 351,981390,562372,750324,994418,176
Exports of Goods (million USD) 319,531346,754334,018307,015382,993
Imports of Services (million USD) 75,46581,82685,32460,25273,053
Exports of Services (million USD) 138,326155,355156,66689,641119,046

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20172018201920202021
Foreign Trade (in % of GDP) 66.767.666.960.168.4
Trade Balance (million USD) -25,022-34,517-29,801-9,750-22,925
Trade Balance (Including Service) (million USD) 47,69538,48540,91118,68721,190
Imports of Goods and Services (Annual % Change) 6.83.91.3-14.913.9
Exports of Goods and Services (Annual % Change) 5.51.72.2-19.914.4
Imports of Goods and Services (in % of GDP) 31.532.432.029.333.4
Exports of Goods and Services (in % of GDP) 35.135.134.930.834.9

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20222023 (e)2024 (e)2025 (e)2026 (e)
Volume of exports of goods and services (Annual % change) 14.92.83.83.83.2
Volume of imports of goods and services (Annual % change) 7.73.23.83.12.8

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Spain is a member of the following international economic organisations: IMF, European Union, ICC, Central American Integration System (SICA) (observer), WTO, Latin American Integration Association (LAIA) (observer), OECD, European Economic Area, among others. For the full list of economic and other international organisations in which participates Spain click here. International organisation membership of Spain is also outlined here.
Free Trade Agreements
The complete and up-to-date list of Free Trade Agreements signed by Spain can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)
2021
France 15.2%
Germany 9.8%
Italy 8.0%
Portugal 7.5%
United Kingdom 5.5%
See More Countries 53.9%
Main Suppliers
(% of Imports)
2021
Germany 10.6%
China 9.7%
France 9.5%
Italy 6.3%
United States 4.7%
See More Countries 59.2%

Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

391.6 bn USD of products exported in 2021
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 8.7%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 4.0%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 2.8%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 2.6%
Human blood; animal blood prepared for therapeutic...Human blood; animal blood prepared for therapeutic, prophylactic or diagnostic uses; antisera and other blood fractions and immunological products, whether or not modified or obtained by means of biotechnological processes; vaccines, toxins, cultures of micro-organisms (excl. yeasts) and similar products 2.1%
See More Products 79.9%
426.1 bn USD of products imported in 2021
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 6.9%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 3.8%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 3.6%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 2.8%
Human blood; animal blood prepared for therapeutic...Human blood; animal blood prepared for therapeutic, prophylactic or diagnostic uses; antisera and other blood fractions and immunological products, whether or not modified or obtained by means of biotechnological processes; vaccines, toxins, cultures of micro-organisms (excl. yeasts) and similar products 2.7%
See More Products 80.2%

Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import Export Flows.

 

Main Services

83.5 bn USD of services exported in 2020
33.29%
22.17%
19.35%
11.45%
4.67%
3.51%
2.41%
2.02%
1.13%
58.4 bn USD of services imported in 2020
34.49%
17.76%
14.83%
11.99%
8.76%
5.70%
3.17%
3.08%
0.23%

Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Actualitzacions: May 2023

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